The market is back up to the old highs on a closing basis. The last rally high was $2448.80. So you're sitting here right now in the neighborhood of about $58 lower than that.
Gold’s price action is quite boring even though a bull flag may be in play. Investors should be prepared to back up their golden trucks at $2150-$2080.
The gold market is bullish at this point. Unless the market decides to come back and take out the $2337.60 level, it's staying over what I call the line in the sand.
Gold's record-breaking rally since mid-February — with successive all-time-highs reached last month — seems to have dented demand, according to Bloomberg.
Has the near-term downside Gold correction run its course? Or is the perfect Fibonacci Golden Ratio retracement and subsequent same-day pullback signaling the resumption of such downside?
Gold is changing trends, and that does not bode well for 2025 for most markets. Gold has counter-cyclical characteristics and the gold mining industry leverages gold’s relative standing to the cyclical macro.
