Sharply higher in the last week. This move is in the face of upward pressure on the interest rates. Previously, the gold chart would mirror the bond mkt. Of late, gold rallying independently. Perhaps fears (real and unfounded) of turmoil spreading to a wider war in the ME.
Thoughts?
Thanks much, joj!
You're likely right about both those factors!
We HAD BEEN moving up but it looked like a top in May? Then the Hamas attacks on Israel, flipped us back to accelerating upwards.
I can't vouch for the accuracy of these charts when it comes to different time frames. In markets that I follow closely (not Gold) there have been inconsistencies between times frames.
Regardless, they are free, easy to cut and past and give us the general picture below.
1. 50 years-Historically high prices earlier this year
2. 10 years-Triple top in May!
3. 1 year-Top in May. Market looking at interest rates peaking and falling for ~5 months. Then reversing this month.
4. 1 month-Reversal from Hamas attacks on Israel.
https://tradingeconomics.com/commodity/gold
Near term high in metals. Exit
