- Growing chaos in the Middle Easter continues to fuel safe-haven demand for gold as a 2% rally into the weekend also puts pressure on bears in the marketplace.
Analysts have said that with so much geopolitical uncertainty and volatility, investors want to hold some insurance and protection through the weekend. These Friday rallies were common in 2022 after Russia invaded Ukraine. Although Hansen is bullish on gold, he also warned investors to use some caution at these elevated levels. He added that this could also be a short-term short squeeze as ETF investors are still reluctant to buy gold.
"On a move like this, from a shorter-term perspective, gold can very quickly become oversold," he said. "However, I want to cautiously ride the price higher."
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