Gold Bullion Continues to Climb
After a rather tumultuous past few months, every asset class appears to be normalizing, including gold bullion. Gold posted steady gains in May with a 2.6% increase. Since the March lows, gold is settling into a stable, rising channel posting higher highs and higher lows. Steady, robust buying in gold ETFs (exchange traded funds) and macro drivers confirm the gold accumulation pattern. The $1,800 price level remains the near term significant overhead resistance level. We would expect some modest consolidation at that level, barring any unexpected development.