Commodities Analysis by Stewart Thomson covering: XAU/USD, US Dollar Index Futures, Gold Futures, SPDR® Gold Shares. Read Stewart Thomson's latest article on Investing.com
Yes, it could, but other key drivers like US rates and Asian physical demand need to be supportive for any gold price rally to have barnburner potential.What’s next for gold is likely determined by how the Israeli government’s ground troop invasion plays out.
The US government’s bungled meddling in Ukraine and Gaza is likely to be the main catalyst that drives gold out of the drift pattern and towards the $2400 zone.What about US interest rates, are they supportive of such a rally? Basis the ten-year bond/note, the technical action is decidedly negative.A last-gasp rally to 5%-5.25% could occur and it would fit with one late-year hike from the Fed.
A collapse in the dollar looks imminent. If it occurs as Gaza turns into a horrifying gulag, it would be rocket fuel for gold.What about the miners? The GOAU daily chart looks like Michelangelo sculpted it. In addition, note the action of the BPGDM Stochastics oscillator at the bottom of the chart. I use the 14,5,5 series for weekly charts. This key oscillator is massively oversold; even after the mighty surge in gold, silver, and the miners, both the lead and lag lines are still under 20.
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