Is this a Buy signal on Gold?

24 באוג׳ 2022

Bulls could see the potential for new upside on the Gold market, as the market finds near-term support at above the $1,720 mark, this indeed following a multi-bottom support confirmation at $1,680 per oz. Has the correction been completed? A recent retest of a daily trend line from the year high to low could possibly show buyers about to seek further ground back towards $1,800 per ounce.

With inflation remaining persistently high and interest rates struggling to curb the pressure, the metal markets could gain interest closing into the last quarter of the year.

Eyes are now on Jackson hole for any future indication for near-term rate increases and investors on the look out for potential opportunity cost evaluations to see how much appetite is in the market for Gold buys. Ultimately, it remains a hedge for inflation and inflation is not going anywhere, anytime soon.