Canaccord shows that past Federal Reserve easing cycles over the last 20+ years have corresponded with higher gold prices, and they expect gold to set new record highs in 2024.
For the second consecutive week gold prices fell. We are now down over $100 from the all-time high set just seven days ago. We are holding above recent lows down near $2,300.
We are down at this point in the week 1.59%. The support is I see it is likely to come in at the 18-week moving average of closes and currently, it's $2348.
You now have a downtrend with lower highs and a lower and low. You don't want to take out $2385.20. If that is taken out, you can't negate this pattern right away.
Notice how we've been just hanging here at this $2424.10 level...l ultimately think we're going up to another level here because India lowered the tax on gold.
