I think we'll be seeing some very hot action in a number of sectors, especially the silver and uranium stocks. The SIL ETF is particularly exciting right now.
Today's payroll, followed by the CPI and PPI is the last dataset before the Fed decides on rate cuts. Gold typically enjoys the Santa Claus rally that begins mid-December.
The gold price is doesn't seem to be going anywhere. The market is trying to figure out what the next move is going to be. The current pattern is back to bullish.
Where problems will surface next remains to be seen, but the commercial real estate (CRE) sector is a prime candidate due to falling prices, falling demand, and rising interest rates.
As for gold, support is at about 2615.80, the 18-week moving average of closes. You have lost volatility, and the pattern is higher lows and higher highs.
Demand for gold bars and coins has jumped by an estimated 38 percent year-on-year to 163 tons through the first nine months of 2024. That’s the highest level since 2013.
On the four month gold cycle chart, the next low in the cycle comes around Dec 14 and the next high comes near the Chinese New Year peak at about Feb 5, 2025.
