So, what's next for the precious metal?
Besides that, the threat of tariffs inflation could lift demand in gold act as a hedge and there's also ETF buying in catching up to the spot price. But perhaps the biggest tailwind remains that central banks across the globe are still buying into gold. And the most notable one is of course China here.
But at this stage, I would argue that a lot of everything is priced into what we're seeing with gold. The consolidative mood above speaks to buyers needing another major catalyst to spark the next upside breakout/leg - one that takes it above $3,500.
We already saw a test of that at the end of July and it looks to be once again starting to come into the picture in August. The key level is seen at $3,307 currently. As a reminder, gold has not firmly broken below the level since October 2023. That speaks to the bullish run and upside momentum in the precious metal since last year already.
But given the fundamental backdrop above, I'll preach what I have been saying for almost a decade now. Gold will still remain a buy on dips on any significant technical pullback. It's another chance to add to longs and reload for those who scaled out.
This article was written by Justin Low at investinglive.com.Hence then, the article about gold continues to extend consolidative mood since the end of may was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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