Gold's upleg remains strong despite recent selloff, with potential for more growth

From Investing.com: 2024-12-06 11:57:00

Gold’s monster upleg remains strong despite a post-election selloff, with a 53.1% surge over 12.9 months. Overbought levels led to a big and fast pullback, but gold’s resilience remains bullish. Uplegs last until a 10%+ correction, but selloffs within that range don’t end them. A recent 8.0% selloff wasn’t enough to reset gold’s upleg status. Strong global demand has kept gold resilient, with Chinese, Indian, and central bank buying. Gold’s technicals suggest the upleg is intact, with room for more growth. Speculators can leverage gold’s upside with mid-tier and junior gold miners.



Read more at Investing.com: Gold’s Monster Upleg Endures: What Next After a Sharp Selloff?