Key Macro Charts: Gold and Silver Prices Bottoming Out, What's Next? (2024/10/11)
This issue of "Macro Must-See Charts" analyzes the trends of gold and silver prices. Analysts predict that silver will enter a long-term bull market in the first quarter of 2024, while gold will start rising in the fourth quarter of 2023. Despite the recent decline in gold, the overall trend is still upward, currently fluctuating within the 75-day channel. Investment funds are increasing their bullish bets on Brent crude oil, while hedge funds are increasing their stock holdings before the election
Crude Oil Sentiment Fluctuation
Bloomberg: Investment funds increased their bullish bets on Brent crude oil prices last week by the largest margin since 2018.
Hedge Fund Positions vs. Election
Bloomberg: Hedge funds did not reduce their stock positions before the election as they have historically done. Instead, they increased their holdings in stocks as the S&P 500 index continued to hit new highs.
Silver
Analyst: Silver prices are expected to re-enter a long-term bull market in the first quarter of 2024, while gold started to rise in the fourth quarter of 2023. Currently, gold is in a consolidation phase, with many waiting for a proper pullback from key chart levels. We have long anticipated this and are prepared for it.
Gold Trend
As shown in the chart, the price of gold is currently fluctuating within a 75-day channel, seeking the next direction. Despite experiencing a 4-day consecutive decline, the overall trend remains upward.
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