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Gold price on 'cusp' of $2k rally, here's how not to miss it

Saturday, May 14, 2022

5.13.22 - The Cure for the Great Resignation

Gold last traded at $1,807 an ounce. Silver at $20.98 an ounce.

NEWS SUMMARY: Precious metal prices steadied Friday on safe-haven buying despite a firmer dollar. U.S. stocks traded mixed as they headed toward bear market territory.

Bloomberg/Kitco--"Gold could be on a cusp of a major breakout above $2,000 an ounce, according to Bloomberg Intelligence.

After falling 6.5% in the last month, gold is now near a bottom, with the $1,800 an ounce serving as a floor for prices, Bloomberg Intelligence senior commodity strategist Mike McGlone told Kitco News.

Investors have been reevaluating their risk-on positions as the Federal Reserve looks to tighten by 50-basis-points in June and June as it fights inflation.

'Gold is near a bottom and on the cusp of a pretty significant breakout - when it gets above $2,000 an ounce and never looks back,' McGlone said. 'One day, we're going to wake up, and gold is going to pop above $2,000 an ounce, which is resistance that will be converted into support, and never look back.'

The $2,000 an ounce level has been a critical psychological resistance point for gold, which the precious metal failed to sustainably breach this year despite coming close in March.

'The dollar strength is putting pressure on the price of gold in terms of the U.S dollar. In terms of the yen, gold is up 20%. In terms of the euro, gold is up 15%. In terms of the U.S. dollar, it's flat. So people holding gold in Europe and Japan are performing much better.'

'It's been a good hedge against their currency declining. It's just a matter of time before but catches up in the U.S. dollar,' McGlone explained. 'But once you reduce that headwind, which I think we're on the cusp of, gold should take off, and that's just based on past performance.'

One of the drivers to trigger the next rally will be markets shifting gears to price the end of the Federal Reserve's tightening cycle. And that is already starting to happen, McGlone pointed out."

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