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It’s been a frustrating week for gold traders. After price broke out to the highest levels since 2013, moving above the 1432.21 multi-year high, the market has since reversed and traded back below the level.

The driver behind the upside move earlier in the week was the fresh escalation in tensions between the US and Iran. Following the downing of a US spy plane by Iran last week, the US imposed fresh sanctions on Iran on Monday.

These sanctions took the place of an aborted airstrike. President Trump mainly aimed them at Iran’s supreme leader, as well as a range of senior military figures. While the canceling of a US airstrike last week was met with short term relief, the sanctions have kept the threat of future military action alive.

On Tuesday, tensions flared further as Iranian president Rouhani verbally attacked Trump, suggesting the US President has a “mental disorder”, labeling his sanctions “ridiculous and outrageous”. For now, there have been no further acts of aggression b...

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