Last week’s surge higher triggers a short term bottoming / bullish upturn and now alerts for a larger advance to push towards 2080.0. Any corrective dips will likely hang in the upper edges of last Thursday’s upturn and bull flag. Only a close under 1992 rejects the upturn.
Gold was up on Thursday morning in Asia, continuing to rise after topping the $2,000 per ounce level earlier in the week and powered by ongoing weakness in the dollar as well as geopolitical concerns. Supporting gold was another fall in the Dollar. An ongoing deterioration in the U.S. dollar, U.S. yield curve dropping further and an increase in inflation expectations. This implies that for the foreseeable future, the opportunity cost of holding gold is going to get less and less. Economic and political uncertainty have also been supportive of gold.