If gold hits $5000 before Feb, I would expect a healthy pullback as long as there isn't a strong signal for a nice upward momentum. Which leads me to side with Jeffries and Yardeni IF the former happens, however I expected it to dip earlier and then steady a little before hitting the $6000 around end of March or April at the earliest due to Spring Festival celebrations and a slower pace.
Gold Back Above $5,000: Rotation to Copper Next?
Gold has reclaimed the $5,000/oz level after a sharp pullback. According to JPMorgan strategist Jason Hunter, the recent volatility represents a healthy consolidation within a long-term uptrend, rather than a trend reversal.
JPMorgan expects copper to rebound earlier than gold in Q2, as industrial demand stabilizes and inventory dynamics improve.
Is this the moment to rotate from gold into copper-led cyclicals?
Will gold reclaim $5400?
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