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While the rally has breathed new life into the precious metals market, some analysts have said that the price action remains sensitive as profit-taking and volatility could push prices back to within their well-defined channel.“I just don’t see how a miss in ISM manufacturing could drive prices this high. I would be more convinced this rally was sustainable if it came after really disappointing employment numbers,” he said.
“Beyond that is the record high set on that spike in early December to $2135.60. I think we will see a need for the dollar’s resilience to buckle, and that may take greater confidence in a near-term Fed cut. Some Wall Street economists have begun giving up on a cut, and former Treasury Secretary Summers has cautioned that the next move may still be a hike,” he said.’s rally is impressive, he would like to see gold hold higher support to confirm that this isn’t another bull trap.
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