So whilst soft landings have not always been good news for the gold price, we would posit that the latent impact of increased rates on the US economy combined with geopolitical events and central bank buying will set gold up for a stellar 2024.
A drop to the lower trendline would put gold at the big $2010-$1985 support area. It’s a “must buy” zone for most gold stock enthusiasts. I call it a golden stocking stuffer.
Next time gold tries to break above this critical level it is likely to do so from a position of more strength and once gold succeeds in breaking above the key $2100 level it’s on...
You don't see hundred-dollar breaks on this chart. This is beyond rare. It's extreme, but it's extreme for a reason. You also weren't up to $2021.50 at any other time.
Many might have seen the price and wondered if they’ve missed the boat. We would argue the boat is very much still in the dock, but be prepared for some choppy months ahead.
The question will still revolve around whether the market can take out the 4607.07 high before we break down below the 4537 SPX low struck this past week.
Gold climbed to the highest since May as the dollar weakened ahead of Treasury auctions that are expected to indicate whether the U.S. bond market is set for a meaningful revival.
