Gold fell below $US4900 in holiday thin trade overnight as the $US advanced and China remained closed for the Lunar New Year remembering the robust retail demand from China and India has supported the gold price through 2025 and early 2026. While the stock market continues to hover close to its all-time high, enthusiasm for the safety of precious metals has also waned, and last month’s high feels like a long way away at the moment.
- We are looking for gold to continue to rotate over the coming weeks, our best “guess” being between $US4,800 and $5,100.
MM remains neutral towards gold around $US5,000/oz
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