It could be going to $2,600 this year, and I think that's still doable, but gold is in a consolidation here.
When we take a look at the action, gold couldn't clear that high and now the market has a big outside day down.
Now rates have a H&S top pattern, and gold is bursting up from a flag-like rectangular drift. That breakout opens the door for a rally to $2800-$3000.
Overall, the weekly chart is bullish and suggests higher gold prices in the coming weeks despite negative divergences.
What's the pattern? It's clear: higher lows, higher highs. Support's now at $2502.6, you really don't wanna take out that low.
Gold climbed back above $2,500 per ounce after Federal Reserve Chair Jerome Powel signaled that the time has come for interest-rate cuts.
Gold prices held $2,500 after hitting a new all-time high at $2,570. This continues what we believe is a stealth rally in gold.
The easy phase and this strong turning phase were done. Either gold had to give us a sharp correction back down, or it had to turn sideways. As it turns out, gold turned sideways.
Nearly a third of this year’s 34 trading weeks have recorded Gold All-Time Highs, indeed during four of the past six.
Positions as of 20 August, 2024
