Gold Gains Momentum as US Dollar Weakens and Bulls Push Forward
Gold futures have rallied to their highest prices since August 2020, just eight weeks after a death cross signaled potential weakness. This shift in the market indicates a potential bullish indicator known as a "golden cross," where a short-term moving average surpasses a long-term moving average. The gold-backed SPDR Gold Shares exchange-traded fund is also nearing its golden cross. Despite failing to reach fresh record highs, gold's appeal as a hedge against inflation, economic uncertainty, and geopolitical events, along with strong central bank net purchases, have supported its prices. Traders are now waiting for a confirmed breakout above all-time highs before taking a full position, anticipating a continued bull run for gold.