The markets followed the MM gold road map closely through 2024/5 and if we are correct, it will enjoy another “pop” to new highs, in similar fashion to silver in the last few weeks. Next weeks Fed decision will be important to a bullish thesis around gold in the coming months but with a cut feeling inevitable we see no reason to doubt our view at this stage.
- The risk/reward isn’t compelling with gold trading just 4% below its all-time high although we continue to target the $US4500 before it takes a breather.
MM is bullish towards gold short term
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