When we look at the overall action in the gold, you're sort of trading in the center of this correction phase. On the swing line, you've got a higher high and lower low pattern.
Any escalation of the Ukraine-Russia conflict to near nuclear conflict with the USA will result in spot gold rising to $4000 very quickly, with an outside chance of $5000.
On a monthly basis, it was an all-time high close, end of discussion. The pattern on a weekly chart is one of lower highs and a lower low, so you're still in a bit of a downtrend.
As you studied aficionados of deMeadville well know, we refer to those BEGOS Markets comprising Gold, Silver and Copper as “The Metals Triumvirate”. And lately, turbulent indeed has been its components’ price paths.
