Today, price not only closed above $1700, a psychological resistance level but also above its former high of $1703 on March 9.
Fundamental narrative support further upside.
Not only does uncertainty remain in the markets due to the coronavirus pandemic, which favors safe-haven assets (like gold), but with lots of central banks announcing record amounts of the stimulus (money printing), there’s now growing demand for gold as a hedge against future inflation.
I still see a move towards gold’s all-time high (ATH) of $1921.
For Bear, a short retracement will earn you some pips as a smart trader
Fundamental narrative support further upside.
Not only does uncertainty remain in the markets due to the coronavirus pandemic, which favors safe-haven assets (like gold), but with lots of central banks announcing record amounts of the stimulus (money printing), there’s now growing demand for gold as a hedge against future inflation.
I still see a move towards gold’s all-time high (ATH) of $1921.
For Bear, a short retracement will earn you some pips as a smart trader