Subramanyan
02-10 16:01

Well, well: This looks like a classic "risk-on" vs. "safe-haven" move! . JPMorgan’s outlook reflects a belief that the global manufacturing cycle is bottoming out, which traditionally favors Copper  over Gold which is more of the "Fear" trade. 

Whether it 8s time to rotate depends on individual outlook for interest rates and the broader economy. From $5626 levels, gold prices have pulled back approximately 11% from their recent all-time highs. Most analysts like JP Morgan & UBS maintain a bullish outlook for the remainder of 2026, suggesting gold could touch  or exceed the $5,400 level again by year-end.  Key catalysts for this would be monetary policy, central banks buying & the search for a safe haven! 

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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