#gold #goldprice has been rocking since a month now & it did make a new all time high now after ~3 years .The yellow metal is considered an asset class where money flows into whenever investors are looking for safer heavens.
remember gold did hit previous all time high during covid time in 2020. later on it attempted to break out during ukraine conflict but fizzled out & another attempt interestingly began this time when another global conflict of israel hamas came into picture & this time it did make new high. However technical charts are showing resistance which mean profit booking happening.
Given the cup/handle & multiple cup/round patterns on weekly charts, a breakout from here eventually could move considerably upside over a period of time. Gold often is used as hedge instrument by market participants against the risks foreseen on equity instruments and therefore whenever stock markets tumble is when we usually a gold spike is expected when money switch across asset class.However this time when market shot up following inflation cool off in the US , the gold price rise seem to have coincided along with stock market rise. India has been big gold jewellery market & considered safe asset traditionally & there had been various alternate instruments that had become popular recently for investors in gold like the digital gold, gold etfs, sovereign gold bonds, gold funds etc.
Labels: gold, goldbees, goldprice
