Gold pushes to higher ground on light short covering, bottom fishing
Standard Chartered sees fading headwinds for gold

(USAGOLD – 2/22/2023) – Gold pushed to higher ground in early trading on what looks to be a combination of light short covering and some investor bottom fishing. It is up $8 at $1845.50. Silver is up 11¢ at $22.02. Standard Chartered, the German investment bank, says gold’s headwinds have begun to fade.

“We would gradually add exposure to gold (especially those who are underinvested),” it says in an advisory reported at FXStreet, “given that XAU/USD is starting to look oversold. Moreover, central bank demand remains strong and we expect that to continue supporting gold prices. The rebound in real yields and the USD is likely to level off, in our view, fading headwinds against gold. The bright metal can also serve as an attractive hedge against short-term volatility due to geopolitical tensions.”

Couldn’t resist passing along Ramirez’ latest:

Cartoon courtesy of MichaelPRamirez.com