The gold market’s meteoric rise over the past seven-and-a-half months has been nothing short of extraordinary. Fueled by heightened geopolitical tensions and robust central bank buying, gold prices smashed through resistance around USD 2,075 to new record highs above USD 2,450 per ounce.
Despite weakening economic data and disappointed interest rate cut expectations, which should have gradually weighed on financial markets from early May, precious metals, stocks, and Bitcoin have held up well so far. In a crack-up boom, liquidity and money flow are crucial, and these factors continue to favor higher prices for the time being.
Overall, the weekly chart is still bullish. If the weekly stochastic can stay above 80 with both signal lines, the rally is likely to continue. But again, it doesn’t take too much from the bears to flip this chart.On the daily chart, the breakout from the flag consolidation provided the next push upwards. However, the rally starting from USD 2,277 has expended a lot of energy, and the new all-time high is not very impressive so far.
In general, rallies in the gold market typically peak between late February and mid-May and then undergo a healthy correction into the summer. This year, strong demand from China, coupled with the unstable geopolitical situation, might alter this pattern. Nonetheless, the seasonal aspect should not be underestimated.Macro update – The Crack-Up-Boom might need to let off some steam before continuing.
The second hotspot remains in Ukraine. The Russian advance is nearly unstoppable due to Ukraine’s lack of personnel reinforcements and Europe’s lack of strong leadership and sustainable unity on how to effectively assist Ukraine.
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Source: KitcoNewsNOW - 🏆 13. / 78 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »