Gold Goes Down

Gold continued its way South this morning after an abrupt military conflict between the US and Syria. Some analysts expected that the price of Gold will rise higher due to the uncertainty caused by the US attack on Syrian grounds.

However, Gold seemed to be unbothered by the developments and is now trading at $1,341, down from $1,348 opening price.

If the conflict is left to dry out and rumors cease, we could see further depreciation of the yellow meta to potential first target at $1,327, which aligns with the 50SMA, next target is the 100SMA $1,314 and the third target is the 200SMA at $1,299.

Chart: XAU/USD D1