Gold's Next Chapter: Technical Insights and Market Trends
GOLD (SPOT) – technical overview
The 2019 breakout above the 2016 high at 1375 was a significant development, opening the door for fresh record highs and this next major upside extension into the 2500-3000 area. Setbacks should now be well supported above 2000 on a monthly close basis.
GOLD (SPOT) – fundamental overview
The yellow metal has pushed record highs in 2024 with solid demand from medium and longer-term accounts. These players are more concerned about inflation, geopolitical risk and a less upbeat global growth outlook. All of this should keep the commodity well supported, with many market participants also fleeing to the hard asset as the grand dichotomy of record high equities and record low yields comes to an end.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
The 2019 breakout above the 2016 high at 1375 was a significant development, opening the door for fresh record highs and this next major upside extension into the 2500-3000 area. Setbacks should now be well supported above 2000 on a monthly close basis.
- R2 2451 – 20 May Record high – Strong
- R1 2388 –7 June high – Medium
- S1 2277 – 3 May low – Strong
- S2 2223– 21 March high – Strong
GOLD (SPOT) – fundamental overview
The yellow metal has pushed record highs in 2024 with solid demand from medium and longer-term accounts. These players are more concerned about inflation, geopolitical risk and a less upbeat global growth outlook. All of this should keep the commodity well supported, with many market participants also fleeing to the hard asset as the grand dichotomy of record high equities and record low yields comes to an end.
Exclusive FX research from LMAX Group Market Strategist, Joel Kruger
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