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Investing.com - Gold prices reached a new inflation-adjusted high last week, surpassing the previous historical peak set in May by more than 3% and exceeding the intraday high of 3,400 reached in 1981, according to analysis from Kepler.
The precious metal’s move above May’s high has confirmed conditions for a bullish continuation signal under William W. Gann’s rule, potentially forming part of an extended wave pattern in the market, Kepler noted in its report.
Gold could potentially rise to the uptrend channel’s resistance in the range of 3,880 to 4,060, provided prices maintain position above the prior top of 3,424, according to the analysis.
The chart for gold adjusted for inflation using the Robert Shiller method indicates that the historical level seen in 1981 could represent the maximum potential for gold, though current prices have now exceeded this benchmark.
Kepler identified September 8-9 or the end of September as potential timing for directional change, which could signal a market top in the gold price movement.
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