While equity markets are posting new stock market zenith, investors’s appetite for risky assets does not weaken the current upward trend in gold prices. The price of gold metal is indeed continuing its temporization phase, waiting to return to its positive background trend.

It should be remembered that gold enjoys a favourable medium-term environment. Although risk aversion is not felt, gold remains supported by the multiplication of equations to complex unknowns, such as the recording of records on stock market indices, which does not seem to be a good thing;this is in line with the half-hearted publication of economic statistics or quarterly results of companies that are generally above market expectations, but lagging behind in comparable data.

It is not without recalling that the barbaric relic benefits from the general decline in bond yields that goes hand in hand with the easing of monetary policies of the world’s main central banks.
Graphically, in daily data, the configuration has changed only slightly since the end of September. The 100-day moving average is still used as a support, while the 1520 USD line blocks buying initiatives. As such, a trading range takes shape in the short term, limited to between 1480 and 1520 USD, the excess of which should make it possible to resume a more marked trend. We prefer an exit from the top, which would free up new upside potential, initially towards 1550 USD.