After spending the preceding month around $1285/oz, #gold has moved quickly higher since 31 May,
After spending the preceding month around $1285/oz, #gold has moved quickly higher since 31 May, currently trading around $1322/oz after approaching $1330/oz earlier today. https://t.co/yWuhsY9vvg
And this strength is not just a USD denominated #gold phenomenon: gold’s been strong in other currencies too, as this chart shows. https://t.co/5w4lhizxEj
Inflows into #gold ETFs have also been noted, particularly yesterday, when 609koz of gold flowed into global ETFs according to Bloomberg, the biggest one-day inflow since Boxing Day 2018. https://t.co/FZtPXYhXEu
Comex position in #gold is also pretty subdued, with positioning as of Tuesday 28 May, just before the recent rally in gold, showing net long Managed Money positions of only 3.3 million ounces. https://t.co/iW7GxDuH0a
Weak equity markets have been implicated in the move into #gold, as trade tensions have escalated. https://t.co/Jb9lKp0Pf6
Modest strength in US equities today is probably why #gold is off its intra-day highs. https://t.co/vWJY6X1rOr
And Real US bond yields have fallen sharply over the past week and this is clearly helping #gold market sentiment. https://t.co/Is9LYKGOOQ
Even the mighty USD, which has been a considerable handicap to #gold this year, has slipped somewhat, although the DXY is still very much near the top of its year’s range. https://t.co/SeLZjHgQ8H
After such a strong and quick run and with the 14-day RSI approaching 70, some caution may be in order, but the deteriorating economic sentiment – triggered by US administration action and social media statements - may make investors look towards #gold with increased enthusiasm. https://t.co/L9PmtAhqLR
