The spot price of gold is consolidating just above the threshold of $1,700 in a scenario where investors remain bullish on gold but require fresh stimuli to generate another rally. In particular, we need to note that risk-on has dominated the last few weeks on stock markets, with a huge recovery after March’s sharp fall. This means that many investors have moved some of their liquidity back to stocks, hoping for a quick buck. Of course, if this scenario changes gold can be king again and price could climb above its recent peaks.
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