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Gold is re-starting its bull rally as two major obstacles — higher US Treasury yields and Bitcoin — fizzle.
“Strong headwinds from parabolic Bitcoin and rising bond yields appear to have run their course,” Bloomberg Intelligence senior commodity strategist Mike McGlone said in a note.
“Weaker-than-consensus April and May U.S. unemployment reports [also] support our key takeaway that gold and silver are ripe to resume their bull markets.
“About $US2,000 is key gold resistance, which we expect to eventually be breached.”

Oil prices indicate gold is due a breakout

Gold and oil usually (not always) rise and fall in loose tandem.
The belief is that rising oil prices push up inflation, increasing demand for gold as an investment hedge.

Right now, gold is running at “an unsustainably steep discount” to crude oil which is booming, according to Bloomberg Intelligence.
“It’s the battle between the most significant commodity with low elasticity of supply, gold, vs. a highest, crude oil, and we expect trend resumption favouring the metal,” McGlone says.