Gold market sees new record closing price, but the major test is next week

By Neils Christensen – Kitco

“With positioning in gold and silver running neutral & short, respectively, technically compressed price action and overall sentiment in precious metals burnt out, it really was a recipe for unexplained outsized moves. Was the PCE a game-changer? No, and not enough data to declare disinflation is about to end, and the Fed may just never cut,” she said in her note. “Can technical rallies extend? Sure. But this is not a catalyst to rope in fresh investor interest, and physical alone doesn’t chase, so it’ll come down to paper shorts and cues provided by macro. Overall, Gold remains bid-to-higher.”