According to a recent study by Bank of America Private Bank, 45% of wealthy investors under the age of 43 own gold in physical form, and another 45% are interested in acquiring it. This is significantly higher than in other age groups. Typically, this demographic group is not interested in assets such as gold, cash, or treasury bonds. As Treasury bond yields rise, cash begins to bring in high interest, and gold grows with them, attracting additional attention.

This is confirmed by another State Street study, which shows that millennials have the highest share of gold in portfolios — 17%.

Part of the renewed interest in gold is due to its high spot price, which is currently around the $2,400 per ounce mark.

In addition, gold is increasingly appearing on the shelves of popular retail stores, which increases its visibility. Costco, a large retail chain, began selling 1-ounce gold bars last fall and, according to Wells Fargo estimates, trades up to $200 million a month.

Naturally, we are talking about global trends here, but they must be taken into account in order to understand the general context and market sentiment. But, it should be remembered that it often happens that as soon as any asset begins to seem attractive to the widest groups of market participants, this may indicate the approach of the moment of a global trend change.

Regarding the intraday picture, we should note the rapid return of the price under the maximum reached on May 20. Thus, the quotes confidently returned inside the range of $2300-2450. Approximately, a stop or slowdown in the price can be expected around the $2,380 level — in the middle of the range.