With the now record run to close at $2,238 this past week, support can be seen down to around $2,160. Below that a fall to $2,100 is possible. Ultimate support is now at $2,000.
Generally, when gold rises in relation to markets and assets positively correlated to the economy, the indication is for a counter-cycle, an economic contraction.
What's going on over the past few days is because you're not getting a lot of movement, the Bollinger Bands have collapsed around price and you're taking the volatility out of the market which makes total sense to me.
Gold hit a record high this past week following the Fed’s hold-the-line announcement on interest rates. The Fed also suggested up to three rate cuts in 2024. This sparked gold to rally to new all-time highs at $2,225 as we cleared $2,200 for the first time.
Our takeaway these many years — rather than watch all the FinMedia bilge — comes from simply reading the Statement, in which for 20 March are these three key sentences...
