Gold is up 1% on the day to trade at new record highs, holding around $2,440 currently. The break above $2,400 at the end of last week continues as we enter the new week. Buyers remain firm and we see conviction continuing from March trading.
Gold Daily Chart (XAU/USD)
And all this is happening despite the fact that we are not yet looking too much into central bank rate cuts.
I would remain cautious about the possibility of a more pronounced correction in gold, which could be long overdue. But at this point, we’ll cross that bridge when we come to it. Because it is very difficult to argue against the recent momentum, when the precious metal has already increased by some 18% over the year.
At the same time, silver also briefly rose above $32 earlier, but is still up 1.4% on the day, around $31.93 currently.
And it’s not just precious metals that shine. Copper has also stood out over the past couple of months as futures aim to maintain a firm breakout above $5 per pound.
Copper/Pound Futures Daily Chart
The previous high reached $5.16 before a slight decline to the current $5.05.
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