Gold prices this morning continued to face downward pressure, falling to the 499x$/ounce area as the market gradually shifts its focus toward Oil — the asset currently being most sought after in the market.
Although tensions in the Strait of Hormuz have eased and the IEA has released more than 400 million barrels of oil from reserves, oil prices have yet to cool down.
In addition, Trump’s statement that he is preparing to strike key Iranian oil facilities has pushed oil prices sharply higher again at the end of the week, accompanied by a strong decline in gold.
This week, gold prices are likely to continue facing strong selling pressure toward below the 4880$/ounce area, while capital flows may accelerate into oil, potentially pushing oil prices above 100$/barrel.
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