Although the recent increase is possible, the wider bullish story has not changed. The combination of the expectations of speed reduction, the geopolitics risk and the rotation of defensive assets continues to give preference to gold.
Corrections in the short term are healthy and are expected after such a strong step, but unless macro circumstances are meaningfully shifting, every retracement will probably attract buyers. The long -term prediction remains constructive, supported by solid basic principles and the growing demand for safety.
From a technical point of view, last week’s high -rise at $ 3057.59 will indicate a resumption of the upward trend without upward goals. The nearest support is a small bottom at $ 2832.72, followed by a key villains for $ 2770.94. This level represents value, so buyers will probably elaborate on a withdrawal to this price.
Although we do not see a headwind, the market is still vulnerable for a short -term correction due to the increasing distance between the current price and the progressive average of 52 weeks at $ 2571.40. This creates a “hot condition” that can delay buying or even encourage some profitable. However, unless this indicator is removed with conviction, the upward trend must remain intact in the long term.
More information in our economic calendar.