Even after setting all-time highs, gold could defy historical precedent and keep rallying, according to a research paper from two experts in finance.
Comex gold futures were consolidating above the 20-day simple moving average on the daily chart, RHB said, adding that the metal is likely to resume its uptrend toward $4,400.
Gold pared losses after soft inflation data but remains vulnerable, while silver holds support, and the U.S. Dollar Index awaits a breakout from consolidation.
Gold "doesn't seem like it has any chance of slowing down," says Will Rhind. He points a likely run-up to several factors, from a weakening dollar, to persistent inflation, to central banks around the global loading up on the rare metal.
Silver outlook bearish into next week as market watches Fed guidance and deeper value levels at $41.40 and $38.31 for potential reentry.
Pinnacle Silver & Gold Corp (TSX-V:PINN, OTCQB:NRGOF) CEO Robert Archer talked with Proactive about the company's recent strategic shift, including its new project in Mexico and key personnel hires to support its development. The project, El Potrero, was acquired at the end of February and marks a renewed focus for the company.
Gold price forms weekly reversal top after hitting $4381.44. Fed cut in focus as traders eye $3846.50 for next support in a potential multi-week correction.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
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Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.