Gold bulls are reclaiming control of the narrative.
According to Pepperstone’s Research Director Chris Weston’s latest view, gold and silver have surged after breaking out of the consolidation range from late June to August 3. The $BTC gold is currently testing the key level of $4,400 per ounce. The July high was broken with strong volume, and bullish momentum is clearly in control.
Even more worth watching are the trading-side signals: client activity has risen noticeably, and the positioning structure is increasingly tilted toward long. Currently, 60% of gold open contracts are betting on an upside move. The direction chosen after consolidation often marks the true starting point of a trend.
According to Pepperstone’s Research Director Chris Weston’s latest view, gold and silver have surged after breaking out of the consolidation range from late June to August 3. The $BTC gold is currently testing the key level of $4,400 per ounce. The July high was broken with strong volume, and bullish momentum is clearly in control.
Even more worth watching are the trading-side signals: client activity has risen noticeably, and the positioning structure is increasingly tilted toward long. Currently, 60% of gold open contracts are betting on an upside move. The direction chosen after consolidation often marks the true starting point of a trend.