Even with global markets in a state of flux, gold has held its ground, comfortably above AU$3,556 (US$2,400). Even with the U.S. Dollar gaining strength and U.S. Treasury bond yields bouncing back, gold continues its ascent due to underlying economic worries and positive technical signals. Market watchers are keenly observing global PMI data for insights into the economic health of major countries. Should the data disappoint, recession fears could spike, making the U.S. Dollar a sought-after refuge. However, this scenario could also boost gold, as recession worries might prompt the Federal Reserve to adopt a more conservative stance.
Stablecoins pegged to the U.S. Dollar are often chosen for their perceived stability, but they carry inherent risks. Their value is directly linked to the U.S. Dollar, which can experience fluctuations during times of global economic uncertainty, as recent events have demonstrated. In contrast, gold and silver have a proven track record as reliable safe-haven assets, offering stability and protecting wealth through economic downturns.
Demand from All Corners
Central banks around the world are still keen on gold. While China's central bank has paused its gold purchases, others are ramping up. The Bank of India, National Bank of Poland, and Czech National Bank have all made significant additions to their gold reserves, signalling continued strong demand.
A Look Ahead
The technical indicators for gold are painting a positive picture. The 14-day Relative Strength Index (RSI) is in bullish territory, staying above 50. The 21-day and 50-day Simple Moving Averages (SMA) have formed a bullish cross, suggesting an upward trend. The first resistance level is at AU$3,592 (US$2,425), with potential for further gains towards the all-time high of AU$3,677 (US$2,484).
Your Wealth, Your Way
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