Major Commodity Price Tops Its Most Important Level

Major Commodity Price Tops Its Most Important Level

Posted On April 3, 2023 2:36 pm

In regards to how the market is currently moving, you’d be hard pressed to find a sector that wasn’t in the green. These types of runs are often accompanied by pullbacks in the market, before continuing higher. However, until that pullback comes, we will continue to maintain our bullish outlook on the stock market.

We maintain this outlook until we are proven to be wrong, but in the wake of all the negativity that could’ve sent the market lower, the market bucked this expectation. We see this as a strength the market has.

A Morgan Stanley analyst famous for being bearish on the market has even capitulated, saying the banking crisis was a marker for a bullish run on the market. As this is the case, let’s take a look at a sector that has seen renewed life in the wake of all that has taken place.

SPDR Gold Shares (GLD)

Gold has been one of the shining spots in the market, as investors have been reminded of its “safe-haven” status. Looking to add some stability to their portfolios in the midst of all the chaos, the price has exceeded one of its key levels. If the price of gold can hold above 2,000, then I believe this will set the stage for a continued run higher.

Moreover, if a decline in the market were to take place, I would expect the price of gold to hold up fairly well due to its designation as a safe haven. A sharp pullback could even be another catalyst for the shiny metal.

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