Gold’s 15% Two-Day Surge Signals Strength Despite VolatilityGold’s 15% Two-Day Surge Signals Strength Despite Volatility
From our previous analysis, gold is only rising as expected. After the price tested 5600, we saw an aggressive sell-off from the high to 4400, where gold also found strong support.
This drop was almost -20%, but what is surprising is that gold has already recovered by almost 15% in just two days.
Fundamentals have not changed much, and the geopolitical and economic backdrop has remained largely unchanged, thus increasing the chances that gold will continue to rise further.
It is possible that it could test 5000 before moving higher, but we cannot rule out the possibility that it will rise from the current price.
The U.S. military on Tuesday shot down an Iranian drone that "aggressively" approached the Abraham Lincoln aircraft carrier in the Arabian Sea, the U.S. military said. It is possible that this news will create a stir in the coming days.
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