Gold to see new record high?

Gold posted a one-year high this week, enabled by market expectations that US rates have peaked while persistent fears over US banking turmoil have bid up safe haven assets.

From a technical perspective, there could be more immediate upside for the precious metal.

Spot gold has yet to officially enter “overbought” conditions, with its 14-day relative strength index yet to reach the 70 threshold while its upper Bollinger band has yet been breached.

Gold to see new record high?

Furthermore, gold futures have already printed a fresh record high this week!

Today’s US jobs report, as well as next week’s US CPI print, could go a long way in determining whether gold will register an all-time peak over the immediate term.

Fresh evidence of waning US hiring momentum and inflationary pressures should serve as the fundamental sparks for gold’s new record high.



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