Gold futures settled higher Tuesday, getting a lift from a retreat in Treasury yields, but prices failed to recoup their loss from the previous session.
Gold prices have climbed since marking a double-bottom March 30, said Adam Koos, president of Libertas Wealth Management Group, referring to a chart pattern that signals a potential bullish reversal in prices.
Koos attributed gold’s rise since late March to a decline in the U.S. dollar over the same period, as well as a retreat in interest rates that had become “extremely overbought” and a “long-in-the-tooth” U.S. stock market, which is “ripe for a pullback.”
Caledonia Mining Corporation plc (LON:CMCL) is a profitable cash generative gold producer with a strong growth profile, Caledonia’s primary asset is the Blanket Mine in Zimbabwe.