Keep in mind that there is massive money printing about to happen again in the United States, and of course, there are plenty of geopolitical concerns. Central banks are more likely than not to have to cut rates sooner or later, and that is going to help gold as well. Think of it as both an inflation hedge and a way to hide during geopolitical uncertainty.
Beyond that, you just have to look at it through the prism of momentum. It has plenty of momentum, so there’s no reason to fight that. Either way, even if you don’t get involved in gold, the one thing you cannot do is short the market right now as the gold market could very well be one of the best performers this year. Quite frankly, it would take a lot of change to make this a market worth selling.
For a look at all of today’s economic events, check out our economic calendar.
