Gold is experiencing a spectacular rally this week, rebounding nearly 6%, with today’s gains alone approaching 1.5%. This surge in gold prices comes amid rising political uncertainty following Russia’s decision to modify its nuclear doctrine. Additionally, gold is benefiting from the potential resurgence of inflation, even though price increases aren’t skyrocketing. Interestingly, we’re also witnessing a strengthening US dollar and a decline in expectations for US interest rate cuts this week.
Gold has reclaimed the $2,700 level and surpassed the zone defined by the 50- and 100-day moving averages. This move negates the recent downward trend by breaking above the 61.8% Fibonacci retracement of the previous decline. The next potential target is around the 78.6% Fibonacci retracement level.
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