If you’ve been following our EW analysis regularly, then you know that at the end of December we shared our outlook for the months ahead, especially for 2026 in FACE webinars. At that time, I highlighted that due to different interest rate cycles and extreme bearish positioning on the dollar, we expected the strong trends seen in 2025 to slow down. We also covered gold and talked about pullback in 2026.
Read more
I wrote a blog post on Precious Metals in June 2025, outlining their recent performance and outlook.
So far, 2025 has been a year where Precious Metals have been very much in focus.
The rebound that started in November has lost its upside momentum and gold is now testing again the ascending T/L support at $2645.
The USDJPY remains within the ascending channel with key support being at 151.60.
Gold turned aggressively lower, finally starting a correction after a long period of appreciation.
Gold is testing the recent channel’s (bull flag) T/L resistance.
Looking at gold, it remains in a very strong uptrend, though it has paused due to the impressive recovery in the US dollar. The dollar could continue to see more upside, especially given that inflation came in a bit stickier at 2.4% rather than the expected 2.3%. However, even if the dollar strengthens after the next pullback, there’s still a chance that gold will resume its uptrend. Remember, if inflation remains elevated and doesn’t trend downward, gold could be seen as an inflation hedge. Additionally, gold tends to perform well during times of geopolitical risk, like the current issues in the Middle East. Read more
