Intraday Market Thoughts Archives
Displaying results for week of Dec 17, 2023Gold's Quarterly Feat ربع سنوي تاريخي للذهب
Gold's quarterly candle has never done this over the past +30 years. Watch
على قناة سي ان بي سي العربية بعد خمسة دقائق
Intermetals Framework Update
During this summer's selloff in gold, we asserted and repeated the reminders of autumn 2022--As long as the intermetal foundation maintains a general trend of higher lows, gold remains out of danger territory. The case of the 2023 gold lows was cleaner and more assuring because it was already preceded by higher lows in copper, platinum, silver and XME ETF. The lows of early October 2023 were more dubious as they showed mixed signals: Although each of copper, platinum, silver and XME remained well above the year's low, they did break some key trendlines. Another metric that helped was that of the GoldBugs Ratio -- often shared with our WhatsApp Bdcst Group-- whose higher resistance levels held in line with the lows in gold and silver. So where are we today? Pls read on below.
Not only the November trendline support remains intact, but the trendline resistance for all five graphs (including XME) has also broken. Particularly bullish is the breakout of the long term resistance of XME, whose stock market element adds special weight.
Looking ahead, the general picture suggests $2500 is a viable possibility before end of H2. Earlier today we shared 8 key pointers with our WBG each gold trader has to heed for next year. Some of these are related to the broad nature of FedFunds forecasts by each Fed member as well as their fluid nature. Other more absolute elements include the reality that gold has posted its 2nd highest weekly close on record, at a time when Fed rates were at their highest in quarter of a century. Here's another take: Gold went from its 2nd biggest monthly decline in 2 years (September) to its 4th biggest monthly gain in 2 years (October) tells you about the ease and speed to which gold sentiment is facilitated by continued central bank purchases. Now imagine how much higher gold would be if bitcoin did not exist ...
