While the gold market is certainly overbought from the low to high October rally of $180, flight to quality uncertainty looks to entrench in the marketplace with the prospects of a ground war keeping the region and the world anxious.

However, the markets have partially embraced potential for diplomatic efforts (perhaps because of the release of some hostages) despite the failure of such efforts early last week.

On the other hand, given increased airstrikes, widespread expectations of a ground offensive by Israel, and violence around the world, the prospect of a broadening of the conflict is rising...[MORE]


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