Gold has regained the $4,400 level, and I’m still staying bullish
Gold has pulled back again recently.
On August 17, spot gold rose by about 1% to $4,420. A few days ago it already touched a high of $4,434, and now it’s back above $4,400 again.
And honestly, the current environment is quite interesting. US Treasury yields have surged to a new 19-year high, which should put pressure on gold. But gold just won’t fall.
The reason is pretty simple: tensions in the Middle East have started heating up again. Brent crude has moved back above $90, and safe-haven capital is returning.
So I’m still the same—I’ll continue holding gold.
I started going long around the $4,000 area, and my thinking hasn’t changed since. If $4,400 can truly hold, then after we break above the previous high of $4,434, my next target is still $4,700.
$XAU $XAG $CL
Gold has pulled back again recently.
On August 17, spot gold rose by about 1% to $4,420. A few days ago it already touched a high of $4,434, and now it’s back above $4,400 again.
And honestly, the current environment is quite interesting. US Treasury yields have surged to a new 19-year high, which should put pressure on gold. But gold just won’t fall.
The reason is pretty simple: tensions in the Middle East have started heating up again. Brent crude has moved back above $90, and safe-haven capital is returning.
So I’m still the same—I’ll continue holding gold.
I started going long around the $4,000 area, and my thinking hasn’t changed since. If $4,400 can truly hold, then after we break above the previous high of $4,434, my next target is still $4,700.
$XAU $XAG $CL