Gold About to Hit Historical Record High vs. Fiat Dollar
On November 28, 2023
By Awake-In-3D
The gold market is nearing a critical long-term resistance point, and the recent surge in prices has no clear catalyst.
If the current technical momentum persists, gold prices could reach all-time highs within ten days.
This rally in gold comes as geopolitical safe-haven demand diminishes, and there is no distinct bullish narrative in the market.
However, the weakness in the U.S. dollar and a sharp decline in U.S. bond yields have propelled gold to its highest level in six months.
This suggests that gold is being used as a preemptive tool to anticipate a Federal Reserve rate cutting cycle.
The activity during Asian trading hours indicates aggressive buyers testing thin markets, potentially including major buyers like emerging market central banks and wealth funds.
While Western investors are still hesitant to enter the market, there is potential for prices to rise further as they start to pay attention to the price action.
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