On March 13, US markets closed lower, with the S&P 500 entering a correction as trade war fears overshadowed positive inflation data. Gold hit record high, while Dow and Nasdaq declined.
The current view suggests XAUUSD has completed a 5-waves pattern in the cycle from the 2832.2 low. GOLD is now forming a wave ((ii)) black correction. The price shows an incomplete sequence in the decline from the peak.
For now, traders are bracing for another round of policy-induced whiplash, knowing full well that in this environment, certainty is a luxury they won’t be getting any time soon.
Stocks are hitting some 'must hold' levels. The slow managed decline suggests that we may not be done with this unwinding, flash relief rallies notwithstanding.
Gold moved higher, closer to its recent high, we saw the same thing in the mining stocks, and silver is clearly outperforming gold on a short-term basis.
Gold prices surge to new highs amid trade tensions and Fed rate cut expectations. A weaker US Dollar fuels the rally, while technical analysis points to a bullish trend nearing the $3,000 resistance level.
Gold's strong rise continues, with the precious metal hitting a fresh record on Thursday as investors rush to shield their portfolios from mounting trade tensions and economic uncertainty.
Gold price (XAU/USD) sticks to its positive bias through the early European session on Thursday and remains close to the all-time peak touched on February 24.
Cryptocurrency enthusiasts often refer to bitcoin as “digital gold” and consider both as equal forms of sound money. In reality, gold and bitcoin are quite different in asset quality and in terms of their hierarchy as sound money.
