$1,721.20 important price to hold on the weekly gold price.
A big picture look at Gold. Gold's 8-year cycle was likely hit last year and the next cycle will bottom sooner, looking for late 2022. We are in a nasty sideways ..
Positions as of 5 October, 2021.
If government subsidies have ended, the $300/check per person and Christmas season is coming, then we should see people looking for jobs. Gold remains stuck here, not trending.
Gold is in a weird pattern, a strange one. Churning against the 18 day moving average price. Gold needs to break $1,771.10..
Until silver clears the $22.90 level it still has problems.
The US stock market continues to struggle, and the miners look ready for a major rally. Oil is making a beeline towards my $100 round number target, but I expect to see a price of $200 ...
$1,790.10 is the 18 week moving average for gold and remains a difficult resistance. Gold needs to hold $1,747.70 to hold bullish uptrend in the short-term charts.
When IBM poked above that high, it accomplished two things psychologically: 1) it made bulls more confident than ever; and, 2) it gutted and disemboweled the very last of the bears..
The massive spending plan is falling apart in D.C. Gold in the middle of no-man's land.