Gold has climbed $410 over the past four weeks, reaching ~$3,750 today after an additional ~$60 gain.
The combination of political risk, questions over central bank independence, and robust technical momentum has positioned gold as one of the best performing assets.
The Supreme Court has apparently scheduled arguments for December on the issue of whether President Trump can fire Fed governor Lisa Cook, and install another stooge like Stephen Mirin in her place. Such a precedent could further boost safe-haven demand for gold, as it could pave the way for the dismissal of other governors.
Support levels: Initial support sits at $3,660, followed by the breakout region around $3,515. As long as these levels hold, the broader bullish structure remains intact.
Momentum: Recent candles show strong buying pressure with limited pullbacks, indicating that buyers remain firmly in control.
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Trading involves risk and may not be suitable for all investors. The information provided in this article is for educational purposes only and does not constitute financial advice. Always conduct thorough research and seek professional advice before making any investment decisions.
