- The cryptocurrency market traded lower on Monday after the surprise weekend attack on Israel by Hamas plunged financial markets into chaos, with investors scrambling to de-risk amid a further deterioration in the stability of global financial markets.
At the close of markets, the S&P, Dow, and Nasdaq all finished in the green, up 0.63%, 0.59%, and 0.39%, respectively. “Iran, a major oil producer and supporter of Hamas, adds another layer of complexity,” they said. “Geopolitical crises in the Middle East have historically led to rising oil prices and falling stock prices. Much hinges on whether this crisis turns out to be a short-term flare-up or something more significant, like a war between Israel and Iran.”
“We can see that gold has immediately made a strong bounce in the daily order block,” they said, adding that they “expect this bounce to continue towards 1880, and possibly 1920.”“If the situation in the Middle East worsens and gold remains strong during this period, higher prices are certainly possible,” the analysts said.