Gold momentum has slipped into neutral, with support holding near $3,300 and resistance capped below $3,400. Now coiling in a classic consolidation, any catalyst could break it out.
On the weekly chart, the market's caught in a congestion area. You're not getting any help from the swing line; you have a higher high and lower low, which means sideways action.
So far this century, the 28-week year-to-date gold price increase of +27.7% ranks second only to such like stint during 2006: so in that broader context, ’tis rather exhilarating, one has to say.
The combination of gold upside momentum and weakening stocks is a potent one for stoking big gold investment demand. Gold stocks will be major beneficiaries of that.
It’s a global war and strategic asset-grab. First visualized in 2023, but with the current US political environment and its global effects, the future is now.
Gold is pretty flat for the week; it's up 0.11%. The market is still in a downtrend, though it re-established that the other day with lower highs, lower lows.
