Barry Dawes of Martin Place Securities, a renowned expert in the field of precious metals, has shared his insights on the current state of the gold market and where it may be headed. With gold holding above US$2300, Dawes sees the wedge action in play and the parabola still in place, indicating a positive trajectory for the precious metal.
In addition to gold, Dawes also discusses the white metals market, noting that silver is in a massive bull market, platinum is turning up, and palladium is showing signs of recovery. He points out the weakness in currencies, particularly the Yen and Euro, which is further bolstering the strength of gold in those markets.
Dawes emphasizes the resiliency of gold, highlighting its impressive performance and the technical strength it is currently exhibiting. He believes that trading in the coming days will be crucial, especially for the weekly, monthly, and quarterly close, which could impact the market significantly.
Furthermore, Dawes touches on gold stocks, noting the wedge breakout and the positive performance compared to gold itself. He also discusses the ASX Gold Index, which is holding in a symmetry box and presenting end-of-financial-year bargains for investors.
With a bullish outlook on white metals as well, Dawes sees opportunities for growth in silver, platinum, and palladium. He suggests that investors should pay attention to the market trends rather than following the opinions of commentators.
Overall, Dawes’ analysis provides valuable insights into the current state of the precious metals market, pointing towards potential opportunities for investors looking to capitalize on the ongoing trends in the industry.
