The gold market is probably going to fight initially between the 100- and the 18-day moving average, if that gives ground, maybe down to the $2540 level and fight another battle there.
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.
