GC: Gold is Rising to All-Time Highs
Updated
Gold futures contracts GC have been rising on ongoing worries about economic recovery and unlimited QE. Further price advance is expected, possibly above $1900. Current chart shows negative divergence between RSI and gold price. However, the rally is still strong, targeting $1800 - $1825 level. A near-term pullback into $1742 area may offer a better entry point for a long position.
Comment
Per analyst reports: Rising optimism in financial markets may boost government bond yields at the expense of USD and gold. Crude oil prices may continue climbing as S&P 500 futures point higher following better-than-expected Chinese manufacturing PMI data. Economic recovery may put a lid on gold prices until we have to deal with another wave of slowdown and stimulus.
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