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Alert-ACM Precious Metals Analysis: Gold Breaks $1000oz on Increased Investor Fear
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Gold Bulls celebrate the upward surge in prices, breaking through $1000oz with new targets in sight of $1020. The all time high of $1032 doesn’t seem like a such a far stretch. A key trend we are watching is the extraordinary jump in retail gold investments, as it is a major driver of prices. This data point does include ETF flows which have also been a substantial factor in the direction of gold. Equity markets collapsed today, with the Dow touching its lowest level since 1997 spurring further security in gold and treasuries. The yield on the 10yr UST dropped 9bps to 2.76%, signaling increased risk aversion driving markets lower. From a technical perspective, gold retraced roughly 90% back to its all-time high. We will probably some near-term weakness, but the general pattern should remain positive for the most part.
Support: 980.95 Current: 1004.19 Resistance: 1016.86
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