TL;DR; The July FOMC meeting at the end of July will be key in determining the short term trajectory of gold prices, futures are pricing in 100% chance of a rate cut. If the fed complies, expect stocks, gold and damn near every other asset to rise as a result. If they do not, then the market will drop and force their hand at the next FOMC meeting. In any case, gold is a very solid hedge and investment at this point in time.
Gold has impressed of late, with the recent pop above the 38.2% Fib retracement and the talk of major central banks ending their tightening cycles (the Fed and ECB in particular), this all builds quite the bullish case for gold (setting aside the fundamental instabilities in the financial system and supply and demand factors at play).
Should gold make a move higher, $1500 USD per ounce would be a conservative target by years end (most likely much earlier than this), if the Fed cuts rates expect the golden bull to run again, if the ECB starts another easing cycle, the golden bull will run again.
In short, gold is one of the few asset classes, not in a bubble, which has fundamental value, which has shown itself to be a known crisis hedge and central banks around the world are beginning to act in a manner which signals that the decade long bull run may be long in the tooth.
Gold has impressed of late, with the recent pop above the 38.2% Fib retracement and the talk of major central banks ending their tightening cycles (the Fed and ECB in particular), this all builds quite the bullish case for gold (setting aside the fundamental instabilities in the financial system and supply and demand factors at play).
Should gold make a move higher, $1500 USD per ounce would be a conservative target by years end (most likely much earlier than this), if the Fed cuts rates expect the golden bull to run again, if the ECB starts another easing cycle, the golden bull will run again.
In short, gold is one of the few asset classes, not in a bubble, which has fundamental value, which has shown itself to be a known crisis hedge and central banks around the world are beginning to act in a manner which signals that the decade long bull run may be long in the tooth.
