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The week-long 7% gold rise, coupled with a key technical breakout (NEM above 150-day MA) and improving ETF positioning (GDX/GDXJ testing resistance), suggests upside pressure for AAAU if it tracks gold prices and miner momentum. A sustained weaker dollar and lower yields support continued upside for gold-related assets.
What happened, with direct paths to the underlying reporting
Gold surged about 7% last week as the dollar weakened and yields fell, easing Fed tightening fears. Softer payrolls and downward revisions supported safe-haven demand, while China’s HK gold storage expansion adds a longer-term tailwind for regional bullion trading. Near term, miners may lead AAAU higher as NEM clears the 150-day MA and GLD/GDXJ show momentum.
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