We have written for months that we expected a rally in gold, and it has occurred. There is no reason to believe the rally won’t continue. However, with Wednesday’s explosion higher after the Fed made its usual dovish announcement, gold may have had a mini blow-off to the upside.
The metal’s rally should continue and test the next level of $1,350; however, a small sell-off from here would be no surprise. Wednesday’s rally was on heavy volume and looks to have trapped the shorts, giving the metals an extra boost.
Panthera Resources Plc (LON:PAT) was incorporated in the UK and Wales in 2017. The company is focused on its gold exploration and development projects in India and West Africa and the optimisation of other mineral projects.