Gold continues to score wins as $3000 looms

What's left to say about gold at this point?

It's seemingly hit some kind of escape velocity as the momentum trade carries it daily despite varying risk trades, interest rate environments and tariff risks.

It's rallied nearly non-stop since the turn of the year. I tend to think that the catalyst was China restarting official gold buying as that kicked off a jump in early December. That was erased later in the month in what might have been some flow-driven year end trades but it's since re-established itself in a big way.

The high this week was $2942 in a brief pop in Asian trade but today's $23 move to $2927 is likely to be a closing record. The pair is also nearing $3000, which should increasingly act like a magnet.

I have to mention the seasonal trade which has worked once again this year but also note that we're rapidly coming to the end of that rope. Given overbought conditions and potential turbulence on the US budget/tax cut, I see some risks ahead but if US politicians can pass another deficit-ballooning bill, it's another tailwind.