Gold Poised for Growth
This rebound from the 100-day moving average and trendline was more than perfect. The price is now encountering its first resistance zone, with the next resistance level set at $2750.
Never Underestimate Pin Bars
Never underestimate the power of pin bar candlesticks (especially when followed by confirmations). On November 14, price action formed a pin bar on gold during the test of the trendline.
Safe Haven Demand?
Gold is catching up against the strong dollar.
Gold’s Optionality
Recently, gold volatility (GVZ) has reacted relatively modestly. The comparatively low volatility offers intriguing opportunities compared to direct actions on the underlying asset at these levels. Call option spreads also appear potentially attractive.
UBS’s Optimism on Gold
UBS continues to maintain its optimistic outlook for gold. Recently, they stated:
“We expect gold to appreciate due to geopolitical uncertainty, the continuation of the global rate-cutting cycle, and increased demand from ETF investors. Central banks’ appetite for diversifying away from the U.S. dollar could also support the precious metal.”
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