The price of gold just hit an 8 year high and is closing in on the key $1,800 level, but here is the big surprise.
Battle For $1,800 Gold
June 24 (King World News) – Ole Hansen, Head of Commodity Strategy at Saxo Bank: XAUUSD (Spot Gold) – reached a fresh 8-year high as surging virus cases across the U.S. throws the reopening into disarray and after Mnuchin said the administration is discussing another stimulus package. Broad dollar weakness and lower real yields supported the break which occurred without triggering a cascade of fresh buying. A sign that very few short positions exit with many investors being long already, and that further – but expected – support from other markets will be needed to carry it higher towards the next key level at $1800/oz.
Gold Closing In On Next Key Level At $1,800
SURPRISE: Hedge Funds Buying Gold Again
The latest COT report showed hedge funds turning net buyers for the first time in four weeks. Having cut net longs by 50% since February the breakout is likely to force some buyers back into the market…
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$1,800 Gold Needed To Spark Silver
Gold has so far managed the breakout to a fresh 8-year high without being followed by silver and platinum. We may need to see $1800/oz being challenged before relative value players turn their focus to these metals.
Gold About To Blow Through $1,800
***Also Released: Gold Is About To Blow Through $1,800 CLICK HERE.
***To listen to James Turk discuss the failure of London Gold Pool II and the price of gold hitting new all-time highs along with silver click here or on the image below.
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