I can’t pin down a great reason for the gold rally today but this is a nice technical break after nearly a month of consolidation.
If it can extend this momentum through $2000, it would be the third challenge of $2070 and would invalidate the double top.
In terms of sentiment, the gold bulls are quiet at the moment as it’s even been forgotten by the commodity bulls. But with US sanctions on Russia, there’s a fresh reason for sovereign gold buying and that could tip the balance in the market in a positive way.
