$SPDR Gold Shares(GLD.US)

I am slowly accumulating Gold at these levels which I see as a wave 4 of a bigger wave 3 going on in the price action seen on technical analysis.

Gold will thrive in uncertainties especially when theres low confidence in the fiat system. We are seeing central banks like China accumulate gold at the expense of US treasuries. Turkey’s central bank as well is a big buyer of gold since Covid.

That may partially explain Gold’s recent ascent. This retreat other than coinciding with the technical levels also coincides with the recent Iran-US standoff which has raised costs of goods etc. Gold at the prices they are at are attractive sources of liquidity that countries may have used to fund their projects and subsidise their citizens which might explain the pullback somehow.

However, gold is in a firm uptrend and the buying pressure might push gold prices up again once this pullback gets absorbed.

@Bridge Buzz SG