Bitcoin, GOLD, and SLV Rose Sharply from Israel-Hamas War
Commodities and Bitcoin experienced significant increases in value around October 7, which is the date that the Israel-Hamas War started. Commodities and Bitcoin experienced significant increases in value around October 7, which is the date that the Israel-Hamas War started. GOLD had a bullish bounce off the light blue trend line at $1,808 on Friday October 6 (marked by the orange circle). The Israel-Hamas conflict started on Saturday, and on Monday GOLD opened with very bullish price action that started the rally.
Key Price Levels:
GOLD has breached a key $1,989 yellow resistance level on this move up, and $2,073 is the next key resistance target if GOLD continues to trend upwards. The $1,989 resistance level has been suppressing GOLD's price since May 2023, and GOLD managed to finally breach this level in just a few weeks. It seems that the war is contributing to bullish price action for GOLD, SLV, and Bitcoin.
Key Price Levels:
GOLD has breached a key $1,989 yellow resistance level on this move up, and $2,073 is the next key resistance target if GOLD continues to trend upwards. The $1,989 resistance level has been suppressing GOLD's price since May 2023, and GOLD managed to finally breach this level in just a few weeks. It seems that the war is contributing to bullish price action for GOLD, SLV, and Bitcoin.
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