As the markets adjust to the unfolding economic landscape, gold has shattered previous records, establishing new benchmarks. The recent shift in market sentiment, spurred by the US potentially entering a phase of stagflation, has catapulted gold to new all-time highs. Moreover, with Bitcoin on the verge of charting an independent bullish course, the overall market sentiment has turned increasingly positive.
Technical analysis: The chart indicates gold's triumphant ascent, as it now navigates uncharted territories. With the price currently hovering around the $2155 mark, the precious metal has surpassed its previous all-time high, suggesting a robust bullish stance. The 'all-time high close' level around $2146 acts as an immediate support. The steadfast trend, marked by a dotted green ascending line, underscores gold's upward trajectory that stretches from the major support level at $1986, reinforced by the $2087.00 level.
Our position: In light of the new all-time high and considering the underlying bullish momentum that has gripped the market, our outlook remains optimistic. We recognize the potential for pullbacks, but any retracements towards the major support or the uptrend line may be viewed as favorable buying opportunities. The current market conditions, shaped by concerns of economic stagflation in the US, favor the continued appreciation in gold prices. Our strategy leans towards buying as we anticipate further upward movements. Investors should watch for stability above the all-time high close as a confirmation of continued bullish potential. Caution is advised, however, as any sudden shifts in market dynamics could swiftly alter the trajectory after Powell' speech or the NFP report.
Technical analysis: The chart indicates gold's triumphant ascent, as it now navigates uncharted territories. With the price currently hovering around the $2155 mark, the precious metal has surpassed its previous all-time high, suggesting a robust bullish stance. The 'all-time high close' level around $2146 acts as an immediate support. The steadfast trend, marked by a dotted green ascending line, underscores gold's upward trajectory that stretches from the major support level at $1986, reinforced by the $2087.00 level.
Our position: In light of the new all-time high and considering the underlying bullish momentum that has gripped the market, our outlook remains optimistic. We recognize the potential for pullbacks, but any retracements towards the major support or the uptrend line may be viewed as favorable buying opportunities. The current market conditions, shaped by concerns of economic stagflation in the US, favor the continued appreciation in gold prices. Our strategy leans towards buying as we anticipate further upward movements. Investors should watch for stability above the all-time high close as a confirmation of continued bullish potential. Caution is advised, however, as any sudden shifts in market dynamics could swiftly alter the trajectory after Powell' speech or the NFP report.