Gold prices are just starting their recovery versus risk assets, with additional stock-market volatility clearing the path to retest the $1,400 an ounce level, according to Bloomberg Intelligence (BI).
“Volatility mean reversion, which is historically just a matter of time, may put precious metals on a path to new highs,” BI senior commodity strategist Mike McGlone said in a June update.
The yell
ow metal is putting in higher lows, which is a sign that it is forming a stronger foundation and could hit higher levels this year, McGlone pointed out.“Gold is building this year's price foundation above $1,260 an ounce, which indicates revisiting $1,400 resistance on the back of increasing stock-market volatility,” he said. “The significance of $1,260 -- the mean since the first Fed rate hike -- and likelihood of the CBOT S&P 500 Volatility Index (VIX) returning to its lifetime average near 19, support gold's foundation.”
The return of stock-market volatility is unavoidable and gold stands to benefit the most, the Bloomberg Intelligence report said.
“Gold's underperformance vs. the S&P 500 appears near an end. Our graphic depicts the per-ounce price of gold vs. the S&P 500 index in a clear downtrend since the end of 2016 , but potentially bottoming. In 2H18, the near simultaneous low in gold vs. the stock market and the one-year-ahead Fed funds future occurred with the ratio reaching a 13-year low,” McGlone wrote. “Downside in gold vs. stocks is limited near good support and particularly with futures shifting to expectations of Fed easing.”
最新新聞
推薦內容
通過FXStreet的專家預覽來了解市場走向
用我們的預測調查來達到妳的目標,這是壹種情緒工具,強調了主要市場專家對近期和中期價格的預期。這是壹張獨壹無二的匯率熱點圖,顯示了市場情緒和預期的走向。
使用FXStreet的交互式圖表來跟隨市場
明智地使用我們的互動圖表,它超過1500資產,銀行間利率,和廣泛的歷史數據。它是壹個必須使用的在線專業工具,為您提供壹個前沿的實時平臺,完全可自己設置且免費。
先來看看FXStreet的報價表格
不要浪費時間去比較許多仲介機構的匯價。所有的資訊都在一個地方——就在這裡。利用我們對不同市場(包括外匯、大宗商品和股票交易所)超過1600項資產的即時銀行間報價表格。