This phenomenon of gold rising is unusual because it occurs at the same time as multiple traditional headwinds such as a rising dollar, rising Treasury yields, and an increased likelihood of higher U.S. long-term interest rates. In addition, it is currently the off-season for seasonal demand. Against this backdrop, European physical investors are selling wholesale metal to dealers, while demand in India has fallen sharply.
Potential buying from retail investors and central banks is drawing more momentum-following speculators into the market, who have expanded their already elevated long positions after gold prices topped $2,200 an ounce. Additionally, geopolitical tensions have provided additional support for gold prices.
On gold’s move higher, first resistance is seen at the overnight contract high of $2,287.50 an ounce and then at $2,300.00 an ounce. The first support level is at the overnight low of $2,267.10 an ounce and then at this week's low of $2,249.10 an ounce.
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