DislikedGood night, does anyone think it's wise to buy XAUUSD when London session starts? I just don't see any fundamentals back upIgnored
Will institutions cool their dollar buying and switch to gold is the question in my mind.
Has gold hit its historical high? No.
Is it irrational to buy now and assume it will go up? Yes.
I still think we have another rally before any massive correction unfolds, but I could be entirely wrong. If I had to choose between another leg up in gold prices, or the stock market before we know what's going to happen with Greece - well...
It all depends on whether you think a bear market is beginning now. I think not given the uncertainty - until they decide whether Greece will unravel and restructure or kick the can down the road.
Either way, the USD will not go on appreciating forever with sustained low interest rates. Gold profit taking also may have ended for a round.
If there was any reason for gold to continue rising in June/July, I don't really see what has changed apart from some kind of psychological assumption about the $2000 level being overpriced.