IAUM - It's Time For Gold To Move Higher
2024-06-20 16:27:27 ET
Summary
- Gold has surged by 35% in the past year (trough to peak), with technical indicators suggesting further upside potential.
- The favorable fundamental backdrop for gold includes potential rate cuts and increased demand as an inflation hedge.
- The Fed could cut rates in September, which is constructive for gold.
- Gold could reach $5,000 in the next 2-3 years due to the Fed's monetary policies.
Finally, gold is having an excellent year. Gold has surged by about 35% from its low point of around $1,824 last October to its recent high above $2,450 in May. In my previous article , I outlined my bullish thesis regarding gold and remain constructive on gold here. While we've seen increased volatility and consolidation recently, the encouraging news is that gold is setting up for another move higher....
It's Time For Gold To Move Higher