Gold is trading near 3,844 dollars an ounce, up around 47% since the start of the year. The move is striking for its consistency, with seven consecutive weeks of gains. A surge of this duration has quietened the usual scepticism around overbought signals, as momentum has been matched by tangible flows.
In parallel, U.S. politics and monetary policy are adding fresh layers of support. The government shutdown has created uncertainty over economic data and fiscal management, while markets are widely anticipating a rate cut from the Federal Reserve in October.
Technically, gold is trading with conviction above moving averages that many consider pivotal. Analysts point to resistance levels around 3,850, 3,900, and the psychological 4,000 mark, with a break through 3,900 likely to act as a catalyst for further buying. Even if short-term pullbacks occur, support around 3,793 to 3,800 and at the 20-day moving average near 3,713 provide natural levels where capital is likely to re-enter.
Cora Gold Ltd (LON:CORA), together with its subsidiaries, explores for and develops mineral projects in West Africa. The company primarily explores for gold deposits. Its flagship project is the Sanankoro Gold project located in the Yanfolila Gold Belt, Southern Mali.