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.
Given all the uncertainty, central banks everywhere are loading up on gold. That is one of the prime reasons gold is embarking on what potentially could be a multi-year bull market ala 1971-1980 and 2001-2011.
The market is up nearly 2% percent for the month and stepping out of this ladder that we had and with the action, it has now changed the trend. Now, you have higher lows and higher highs.
