Gold broke out of it 3 month consolidation period to make a new all time high. I think the market is expecting a rate cut so they are pricing in the expected rate cut from the US Fed.
That is what i think is fundamentally driving the growth.. Enough of trying to figure out what is making price move because nobody really knows.
Now let go into the technical side ( price action ), which is what is most important because it represents the psychological aspect of what the market is thinking.
The market represent the people placing their trades and the chart tells us what they are doing.
The majority concensus drives where price should move.
If price goes up meaning majority votes that the the price should move up and if it moves down then the majority votes that price should move that way.
Remember price moves in the direction of least resistance ( Jesse livermore said this in his book - Reminisces of a stock operator.
One of the best books ever written on trading. ) and currently the line of least resistance is up for Gold. That is what we see at birim trading Company because of the strong breakout and new all time highs.
The market believe that the gold is going up so they keep buying .
So at Birim trading company, we are going to buy or go long in gold. The all time high before today was around $ 4378 USD.
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