Gold Spikes as U.S. Bombs Syria

Gold jumps 15 Dollars to a high of 1264 as the U.S. announces a major cruise missile strike on Syria.

Gold has jumped from 1250 to a high of 1264 as the United States announces a major surprise attack on Syria in retaliation for the chemical attacks on its citizens earlier this week.


The timing is somewhat shocking as the Chinese President Xi is on a state visit to the United States at the moment. My initial thoughts are the new president is sending a big message to the Chinese about their willingness to act on North Korea as well with this strike.

Geopolitics aside, safe-haven risk aversion should be the theme of the day now with Gold and Silver the major beneficiaries. Gold has broken the 200-day moving average intra-day and has tested its upper resistance at 1264, the February 28th high. A daily close above these levels can open a technical move to 1300 with support now at the 1250 level.

Expect Gold to be bid on any dips now and for crude oil to move higher as well. We expect stocks and bonds to also move and will comment on these in due course.

President Trump is due to address the nation shortly and the street will also look to see the reaction of the Chinese as well.


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Jeffrey Halley

Jeffrey Halley

Senior Market Analyst, Asia Pacific, from 2016 to August 2022
With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley was OANDA’s Senior Market Analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes. He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays. A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV and Channel News Asia as well as in leading print publications such as The New York Times and The Wall Street Journal, among others. He was born in New Zealand and holds an MBA from the Cass Business School.
Jeffrey Halley
Jeffrey Halley

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