Gold up +0.73% today, clearing recent resistance around 4180. Seems like a flight to safety, or just the dollar weakness against other majors? If it holds these levels, 4200 is next up. Could be a good hedge if the equity market wobbles.
Good point on the hedge. If equities do start to falter, gold could pick up some serious steam. I'm bullish on gold longer term regardless of short-term movements.
Could be both, honestly. Dollar weakness often props up gold, but with all the geopolitical noise, a safety bid wouldn't surprise me. Definitely keeping an eye on 4200.
I'm not so sure about the breakout. It feels more like short-term volatility. I'd want to see it hold above 4180 for a few days before calling it a clear uptrend. What's your take on the dollar index? That's key.