The combination of gold upside momentum and weakening stocks is a potent one for stoking big gold investment demand. Gold stocks will be major beneficiaries of that.
It’s a global war and strategic asset-grab. First visualized in 2023, but with the current US political environment and its global effects, the future is now.
Gold is pretty flat for the week; it's up 0.11%. The market is still in a downtrend, though it re-established that the other day with lower highs, lower lows.
A bullish consolidation is in play, and the target is a closing price of $3650. An intraday high of $3700-$4000 is likely to be hit as gold breaks out and begins to rally.
If you look at gold, you're not down a lot. You're down for the week, $22 or about 0.7% in the market. The market is in a corrective pattern, and momentum is no longer oversold.
