Gold $2000 comeback in this week!
Back in June, even the naysayers would have privately admitted that they expected gold to hit $2,000 an ounce at some point this year, if not next. What even the bulls didn’t anticipate was it getting there in just a month. That amazing outperformance has now become gold’s bane.
Gold Needs Upside Strength On Charts?
what’s needed for the clawback—is fairly simple: upside strength on the charts.
The second point—what could trigger more downside—is a little more complicated. Gold bulls are being frustrated by the sudden resurgence in U.S. Treasury yields, which until two weeks ago seemed doomed to sink deeper into negative territory, and a rebound in the dollar, which seems to have taken an inexplicable life of its own.
Let’s take a look first at the required upside for gold.
Technicals show that the spot price of gold, which reflects trades in bullion, needs to at least get to around $2000 and hold to that level to move higher.
From there, the challenge will be making the pre-$2,060 leap to $1,990.
Gold Needs Upside Strength On Charts?
what’s needed for the clawback—is fairly simple: upside strength on the charts.
The second point—what could trigger more downside—is a little more complicated. Gold bulls are being frustrated by the sudden resurgence in U.S. Treasury yields, which until two weeks ago seemed doomed to sink deeper into negative territory, and a rebound in the dollar, which seems to have taken an inexplicable life of its own.
Let’s take a look first at the required upside for gold.
Technicals show that the spot price of gold, which reflects trades in bullion, needs to at least get to around $2000 and hold to that level to move higher.
From there, the challenge will be making the pre-$2,060 leap to $1,990.
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