Gold holds bids at $1998 and $1999 as President Biden authorises a media release that a U.S. nuclear powered submarine is patrolling in the Suez canal. A warning to Iran.

Gold reached $2017 on the 27th of October after Israel targeted Gaza telecommunications and electrical grid, on the pretense that Israel has crossed a red line in its war against Hamas, by targeting Palestinian civilians, for Iran's proxies to strike against Israel.  So far the responses have been muted, although there has been skirmishes on Israel's borders, with airstrikes carried out against Hezbollah and Syria by Israel warplanes.  Secretary of State Antony Blinken, has traveled to the Middle East twice since the conflict had begin, meeting with Arab leaders in the region in trying to gauge if Middle Eastern countries are forming an alliance against Israel.  So far, that is not an indication that Iran or Hezbollah will join the fight, although one cannot rule out a surprise attack by Iran backed militias at some point if the Palastininan death toll supasses 10,000.   Inaction could lead to civil unrest in countries that are staying on the sidelines, hence America, which has sent two aircraft carriers to the region has now announced, in a rare media release, that a nuclear powered submarine is now patrolling waters within the Suez Canal.  The announcement is intended to keep Iran and Hezbollah in place, while Israel carries out its bombardment of Gaza.

Gold is trading just under $2000 an ounce, with bids at $1998 and $1999.  If President Biden cannot secure a so called extended 'pause' in fighting for humanitarian aid to get through immediately and a release of hostages held by Hamas, one cannot rule out new fronts on Israel from Lebanon and Syria opening up.  America may decide to also join the conflict striking Syrian and Lebanese targets, this could bring in Iran.

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Price supports (red lines) at: 1916 and 1845. 

Resistance (green line) at the psychological 2000