Gold just achieved its first new nominal record close in several years! That came as a super-bullish upside breakout in a massive secular chart pattern, portending much-higher gold prices.
Get positioned during this weakness because share prices could accelerate much higher before next spring. There is no looking back once the market clears $2100.
So whilst soft landings have not always been good news for the gold price, we would posit that the latent impact of increased rates on the US economy combined with geopolitical events and central bank buying will set gold up for a stellar 2024.
A drop to the lower trendline would put gold at the big $2010-$1985 support area. It’s a “must buy” zone for most gold stock enthusiasts. I call it a golden stocking stuffer.
Next time gold tries to break above this critical level it is likely to do so from a position of more strength and once gold succeeds in breaking above the key $2100 level it’s on...
You don't see hundred-dollar breaks on this chart. This is beyond rare. It's extreme, but it's extreme for a reason. You also weren't up to $2021.50 at any other time.
