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The over 2% gains so far today brings gold back above the crucial $5,000 mark. That’s a big psychological win for dip buyers but even more so when you look at the charts. After the sharp pullback from Thursday last week to Monday this week, we are seeing a solid recovery in precious metals in the past few sessions. And gold is a standout in leading that charge ahead of silver this time around.Looking at the near-term chart:Not only is gold breaching above the $5,000 mark, it is also contesting a firmer break of the 50.0 Fib retracement level at $5,002 today. And adding to that, we’re seeing price action start to creep towards testing waters above the 100 (red line) and 200-hour (blue line) moving averages. That is a pivotal near-term resistance point to take note of. And if buyers can secure a firm break above that, it will switch the near-term bias to being more bullish again.The gains yesterday may not look like much but $285 at face value represents the biggest daily jump in gold price on record. So, that speaks to dip buying appetite more so than anything else.As mentioned as well, the latest rebound cannot be compared to a dead cat bounce such as what we normally see with sharp selling and quick nosedive in other assets. That is because the fundamental factors driving up precious metals are still very much in play and underpinning demand. The pullback is largely to do with a case of Icarus flying too close to the sun. It isn’t one that is driven by a material shift in the market outlook.All in all, this can be seen as a healthy correction for gold and precious metals in general. The question now is do we move on to a stronger consolidative phase or skip that altogether and march towards another surging run to fresh record highs?
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
Gold’s bounce back above $5,000 is a significant psychological milestone for traders. This recovery comes after a sharp pullback, indicating potential bullish sentiment returning to the market. Traders should watch for continued momentum, especially if gold can maintain this level through the week. A sustained hold above $5,000 could attract more dip buyers and potentially trigger a short squeeze among those who bet against it. However, be cautious; if gold fails to hold this level, it could lead to further selling pressure. Keep an eye on related assets like silver and platinum, as they often move in tandem with gold. If gold’s rally continues, we might see similar gains in these markets. Watch for key resistance levels around $5,100, which could dictate the next move. The real story is whether this bounce is a dead cat or the start of a new uptrend.
📮 Takeaway
Monitor gold’s ability to hold above $5,000 this week; a failure to do so could trigger selling pressure.
