Gold has mightily defied the US dollar’s massive surge in recent months, mostly drifting flat in a high consolidation. Fundamentally-superior smaller gold miners will soar.
When we look at the gold itself, this is a new high for this move but you're into an old resistance area...The pattern is still very clear with higher lows, higher highs.
Patrick sees the possibility of gold reaching between $3,400 and $4,000 by the end of 2025, though some consolidation along the way wouldn’t surprise him.
With a pattern of higher lows and higher highs, it's bullish. I wouldn't mind if the market pulled back into the 100-day average and the 18-day average, between $2667 and $2655.
China’s central bank expanded its gold reserves for a second straight month in December, signaling renewed appetite after temporarily pausing purchases last year as prices soared.
