Gold price hits new all-time high; more upside likely

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Gold prices hit another record high overnight, with June Comex gold reaching $2,384.50. Silver prices also hit a two-year high overnight, with May Comex futures hitting $28.29. Traders are increasingly bullish on gold and silver, suggesting more upside potential. Gold is outperforming the S&P 500 this year. Asian and European stock indexes were mostly higher, and U.S. stock indexes are expected to open steady to higher. U.S. economic data due for release includes the consumer price index and the minutes of the last FOMC meeting. The key outside markets see the U.S. dollar index slightly lower, crude oil prices slightly up, and the yield on the 10-year U.S. Treasury note at 4.4%. The gold futures bulls have the strong overall near-term technical advantage, with a six-week-old uptrend in place. The next upside price objective for gold is to close above solid resistance at $2,400.00. The silver bulls also have the strong overall near-term technical advantage, with prices in an accelerating seven-week-old uptrend. The next upside price objective for silver is to close above solid resistance at $30.00. The author of the article believes that the gold rally has legs to run higher, as Western investors are no longer actively getting in the way of higher prices. China's central bank added gold to its reserves for the 17th straight month in March. Hedge funds continue to pile into gold and silver, and some analysts believe that the precious metals still have room to move higher. However, gold appears overbought and due for a correction, while silver is seeing support from both the investment community and industrial demand. The article concludes by stating that gold and silver prices are higher on safe-haven demand and bullish charts.

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https://www.kitco.com/news/article/2024-04-09/gold-price-hits-new-all-time-high-more-upside-likely