Gold is heading to break the record of the longest gold rally since 2011.
At the end of January until the 9th of February, gold rally ran for 9 days as reeling equity markets and a declining dollar boosted demand for the metal as an alternative asset.
This rally is in its sixth day and the US dollar is weakening and correction in equity will occur soonish this month. The fundamentals have not changed, in fact, the weakening of the US dollar was confirmed when the interest rate was kept on hold and the dovish sentiment from old Janet.
So , I am not concerned at all and confident that we will break the record.
I would n't be surprised that when the US market opens, there will be sell off in equity and big gains in gold.
Cheers,
Sydney
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