Gold Prices Rise On Brussels Terror Attacks - Gainesville Coins News
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Gold Prices Rise On Brussels Terror Attacks

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Gold Prices Rise On Brussels Terror Attacks

Gold prices are up this morning for the worst of reasons, as Europe is shocked over multiple terrorist attacks in the Belgian capital of Brussels that has cost at least 34 lives. Two bombs exploded at the main international airport, followed a hour later by a bomb in a Brussels subway station. The entire transportation system in Brussels has been locked down, and citizens were urged to stay inside.

Belgian army troops were deployed throughout the capital over concerns of follow up attacks.  as the entire nation was placed on the highest terror alert. The attacks are presumed to be retaliation over Friday's capture of a mastermind behind the Paris attacks last November.

Security has been tightened at airports and transit systems across Europe, as well as the US, in the wake of the attacks.

Moderate safe haven demand hit the markets in the aftermath of the attacks in Brussels, with the US dollar, Japanese yen, bonds of major nations, and gold all rising. Gold's upside has been limited by the stronger dollar.

Setting support and resistance levels in this environment should be taken with a larger than usual grain of salt. That said, we see first resistance at $1,258, followed by $1,263. First support should be at $1,249, then $1,244.

Monday's Close

Stocks closed with minor gains Monday, helped by moderately higher oil prices. WTI settled at $39.91 a barrel, unable to hold on to the $40 mark. Brent futures settled at $41.50 a barrel. Gold futures were bruised by statements from Fed officials saying that an April rate hike was still on the table. Spot gold fell almost 1% Monday, closing down $11.90 at $1,243.10.

Morning Numbers

The dollar is holding on to most of the overnight safe haven gains seen in the aftermath of the Brussels terror attacks.  Wall St. opened lower, drug down by airline and tourist-related stocks. Nymex oil is down by 1% on demand concerns. The 10-year T-note is up, with the yield down to 1.89%.

EU breakup

The reverberations of the Brussels terror attacks will be felt far from Belgium. It is feared that the attacks will bolster calls in the UK for a "Brexit" -- leaving the European Union. This has British stocks and the pound sterling under pressure.

There will doubtlessly be increased hostility towards the hundreds of thousands of Muslim immigrants that have recently arrived in the EU, and tensions over how to stem the tide. Greece is facing a major crisis, attempting to feed and (temporarily) house the literal waves of migrants coming ashore in its southern islands, destroying its vital tourist industry.



The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product

About the Author

Everett Millman

Steven Cochran

Precious Metals Market Analyst
BS University of South Florida (2002)

A published writer, Steven's coverage of precious metals goes beyond the daily news to explain how ancillary factors affect the market.

Steven specializes in market analysis with an emphasis on stocks, corporate bonds, and government debt. He writes a monthly review of the precious metals markets for

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