For iNSIDER club traders: The Bull Run for the gold continues – where to from here?

After breaking through the main resistance line of the current long-term trend channel on Friday, gold continues to mark another all-time high today, reaching levels of $2,260, appreciating by nearly 14% over the past 6 weeks.

• A positive start to Q2 as gold remains in focus – JP Morgan prioritizes gold above all other commodities in the coming months.
• The gains are supported by expectations of an imminent pivot by the Fed, simmering geopolitical tensions, and strong demand for the precious metal in China (both from consumers and central banks).

Data on inflation, and particularly Powell’s comments, provided additional fuel to gold’s rally, as conviction grows for an imminent Fed pivot. Expectations in the swap markets imply a little over 60% probability of the first rate cut in June.

GOLD – TECHNICAL OUTLOOK – DAILY CHART:

Gold concluded trading at a new all-time high on Friday, breaking through the main resistance line of the current long-term trend channel. The uptrend was fueled by Buy in money flow on Thursday and Friday around the $2,194 levels.

• Today, the uptrend continues.
• DeMarker Oscillator is in overbought territory.
• Sequential indicates an upward printing.
• Count 7 on the TD MegaP presents a potential headwind to the ongoing appreciation of gold.

Следващо ниво на съпротива пред цената са нивата $2,272. При твърд реджект от тях и последващ корективен импулс първото ниво на подкрепа за цената са нивата $2,225. Като второ ниво на подкрепа са нивата около $2,184