In the prior week, gold posted its biggest weekly drop since 2021, only to have its biggest weekly surge this past week since March of this year as tensions escalate around the Russia-Ukraine conflict.
If the market is an emotional environment at its core, can you really believe that reason or logic will assist you in identifying the major turning points?
Gold had a good week on safe-haven demand because of the uptick in the Russia/Ukraine war. Over the week, gold leaped 5.5% but silver lagged, gaining only 3.0%.
US Thanksgiving week, 11 metrics come due for the Econ Baro, including 10 packed into Monday through Wednesday, the PCE data surely to get the lion’s share of interest.
In a real bull phase (e.g. 2018-2020) gold sentiment can get very overdone, reset, and then resume bulling after the MOMOs, FOMOs and various and sundry other cling-ons have been shaken out.
We are for the week up, 4% percent. So that is impressive. You still have the pattern of lower highs and lower lows. The market rallied to the 18-day average.
The market has held that challenge on a weekly basis of hitting the 18-week average zone of $2585. For the week, you're up 3.19%—that's a good gain at this point.
