Gold: late-stage consolidation for a structural bull market.
From a drop of 4700 over half a year, 4400 stabilizes and rebounds—this is a continuation, not a top.
Hard logic: the central bank keeps buying gold, treating pullbacks as buy points; U.S. Treasury holdings exceed 400,000 billion, and real yields continue to fall. Banks look for 4500–4700, with an extreme of 5000.
Near-term headwinds are only about rate-hike expectations; they can’t change the structure.
From a drop of 4700 over half a year, 4400 stabilizes and rebounds—this is a continuation, not a top.
Hard logic: the central bank keeps buying gold, treating pullbacks as buy points; U.S. Treasury holdings exceed 400,000 billion, and real yields continue to fall. Banks look for 4500–4700, with an extreme of 5000.
Near-term headwinds are only about rate-hike expectations; they can’t change the structure.
