After a stellar run in 2024 the Spot Gold Price has been Consolidating for the last couple of months. My last piece of Technical Analysis on the gold price was when the Uptrend Broke Down and I wasn't sure if we were going to see a Consolidation or a Correction. To be fair I am still not sure because if it was going to consolidate I'd expect that process to take maybe 3 to 6 months, but here we are with a new chart structure forming that we can contemplate...
Source
What we've seen since November is an unusual structure forming where we have 3 touches of a Resistance Line where the price is today - at around $2715, along with 3 touches of an inclining Support Line which is narrowing the gap. If this new structure holds out it could still last for another couple of months but we are going to know which way it breaks pretty soon. At the latest it would be March, but my gut says it will break sooner than that...and I am currently leaning on the bullish side.
That would be great news for the stacking crew here at SGS of course, but it's still far too early to tell. The economic data coming out of the US currently is fairly bi-polar. The narratives are swinging one way and the other regularly now. From Rate Cuts to Rate Hikes to Rate Cuts again, with Jobs and Inflation data frequently muddying the waters. A new US President is incoming within days and we've seen some interesting Animal Spirits in play since the election was resolved and yet the typical Santa Claus Rally was a total flop this last year.
In short, who knows? I personally will be watching this new structure closely to see which way it might break and I'll make an adjustment to my portfolio when I see it. I may not have time to post about it when it happens so keep an eye on those lines. It's a pretty weak structure, but I find that 3 touch points is often enough to make a line worth respecting.
Personally, I was expecting the Trump effect bring down gold prices as an opportunity to snap up a little more gold this month before the honeymoon is over. Should the cease fire hold between Israel and Hamas hold, and if Trump can end the Russo-Ukraine war with a peace deal. Even with the war premium shaved off prices it still cannot fix the huge debt elephant in thee room.
Gold is still at it's ATH in CAD.
These are my thoughts exactly. There is a lot of hopium going around with Trump but I think in the long run he runs the printing press just as hard and he won't be able to fix the debt.
If we do get peace we might see oil drop and that could give us a bit of a reprieve on the inflation front so to me the big question is really - How long will the honeymoon last?
For purely selfish reasons I hope it goes deep into 2025 and crypto has a great run in the meantime so that I can switch back to metals at a perfect time...
I feel it's going to be bullish too...
And perhaps NFP in February would help it break through
Good shout. NFP could indeed be the trigger that breaks this new structure.
Stack on, @buggedout !
!LADY
View or trade
LOHtokens.@silversaver888, you successfully shared 0.0100 LOH with @buggedout and you earned 0.0100 LOH as tips. (4/50 calls)
Use !LADY command to share LOH! More details available in this post.
I think both gold and silver are going to have a good year.
Usually gold is called a refugee material as it somehow never loses its value in all scenarios compared to money of country X, so people buy it in uncertain times... Let's see how will go with the 2025 geopolitical changes
I suggest you forget everything you think you know about Silver, Gold and Money...
By the way, what's the Delegation for the Gold Tier...???
It's 2500. I thought you weren't happy with the project and weren't going to start reposting until after the reset?
This way, I'll be able to help the Members... I won't have to do as much up-voting while I'm away... I'll post every now and then... Just don't expect too many of my posts for a while...