Gold is just marginally lower by 0.1% to $3,956 on the session as buyers are taking a light breather from the push higher to start the new week yesterday. The latest run since 2023 saw prices move from $2,000 to $3,000 in roughly 16 months. However, the period that it is taking from $3,000 to near $4,000 now is less than half of that, in around 7 months.
And that just continues to speak to the unrelenting push higher in gold as everything continues to fall into place.
It feels like it is a matter of when and not if gold will breach $4,000 at some point before year-end. That being said, I wouldn't be the least bit surprised if we are met by a heavy bout of profit taking when we get there. Gold is now pushing ~117% gains since the start of 2023. At some point, a meaningful correction surely beckons - even if the fundamentals might not dictate as such.
Could the $4,000 mark be that trigger? That especially as we are starting to move closer towards December and January, two months that historically have been the best period for gold on a seasonal basis. Could there be a cooling off period before that? We'll have to see.
But so far this week, the bullish headlines continue with the bulls still setting their sights on the big 4K: Another month, another round of gold buying from China
