Source: The Street
Author: The AAP Team
Article: Original article
Publication date: Wednesday, November 23, 2022
Gold is slightly adjusted from overbought condition, but the low volume of SPDR Gold Shares indicate that this is just a pause. SPDR Gold Shares is a 100% gold-backed fund.
The chart below shows that it just needs some storing up energy for a move to $168. Besides, there is a bullish W pattern that remains relevant, a $175 target for SPDR Gold Shares.
SPDR Gold Shares chart
The data still proves that inflation is high, and even if it stops rising, the price level will remain elevated for some time.
The dollar is showing some weakness as yields have fallen on the long end of the curve, which tells us that gold will be an alternative to other asset classes.
Gold rises after the current correction