If we look at the weekend’s price action, the weekend’s future for the European stock index initially plunged over 125 points straight on the back of the news when Iran launched 300+ drones. Although the reaction from the Iranian side has been less intensive, many were thinking that Iran could have gone much further as they do have missiles that can travel in Israeli territory in under 4,000 seconds and have the ability to cause serious distraction.
The bitcoin’s price also experienced a plunge of nearly 8% as the price flirted with the early level of 61K and very much threatening the very strong support of 60K, which many believe is likely to hold the price from dropping further, but if violated, it could trigger a bigger sell-off. But going back to the risk, the very factor that is keeping traders highly cautious and some thing that we can see today in the price action is the reaction from Israil. The US is trying to make the Israeli government understand that they should not react and use the opportunity at hand to foster their ties with their allies. However, the actions taken by the Israeli governments are difficult to calculate.
The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc.
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