Gold Poised to Break Its All-Time High
The global price of gold or the XAUUSD pair is poised to break its all-time high. For a little more than three years, the commodity has been trading sideways in a choppy manner in and around the $2,000 handle. Its ability, though, to mark a series of higher low bases since it fell to a low $1,614 last October 2022 places it in a position to finally clear its all-time peak of $2,035-$2,063. Moreover, its resilience even in the face of higher interest rates in the US exhibits the backing of ‘smart money.’ Fundamentally, gold will likely see more inflows as the US Federal Reserve is projected to finally start cutting rates by May 2024. Lower interest rates means lower dollar and, therefore, higher prices for gold. Such is, of course, positive for currencies like Aussie dollar and the Swiss Franc and for gold mining stocks like the one we have locally like Apex Mining and Philex Mining.
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*Consensus target price or average target price given by the major foreign and local brokers of various stocks on top of index names are available in our Equity Advisor!
