Although Gold is hovering around all-time highs, the precious metals sector will remain in a secular bear market until the stock market and the economy crack.
The US government (already a debt, fiat, and war-oriented mess) will now borrow even more fiat and use it for long-term management of the Suez shipping traffic.
The recent break low is $2029.20. You have the pattern of higher lows, and higher highs. So until that number is taken out, I'm bullish on gold. The trend is up.
I think a “reasonable” target for the rally into 2024 would be the 4883-5163SPX region. And as the market takes shape in the coming weeks, we can probably narrow that target down a bit.
In the gold market for the weekly chart of closes, you can see how the market is staying up. And notice this market has been staying up on a weekly basis ever since September.
Gold has traded long enough over $2000 to justify as buy on crash strategy. 2023 will be first of the many more years in which spot gold will close over $2000.
Gold is headed for a weekly gain in a market dominated by the Federal Reserve’s strongest indications yet that it will pivot to easing monetary policy next year.
