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Trends & Analysis
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PepsiCo posts earnings beat, but misses on sales

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GBP/USD retreats after hitting 1-month high

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Trends & Analysis
News

PepsiCo posts earnings beat, but misses on sales

News

Crude oil spikes after US inventories data

News

Risks on the horizon for the S&P 500?

News

GBP/USD retreats after hitting 1-month high

News

US dollar recovers from last week’s losses

News

Should you own Meta Platforms or Alphabet?

Asset Watch

Is gold about to make history?

Thursday, November 30, 2023

While global stock markets have moved into the penthouse, and crude oil has been relegated to the outhouse, gold could garner all the headlines in the weeks ahead. Goldman Sachs analysts wrote on Nov. 27 that the yellow metal’s “shine is returning.” They explained:
“The potential upside in gold prices will be closely tied to U.S. real rates and dollar moves. But we also expect persistent strong consumer demand from China and India, alongside central bank buying to offset downward pressures from upside growth surprises and rate cut re-pricing.”
With investors’ enthusiasm building, a meaningful breakout could be on the horizon if gold can surpass a familiar foe. For example, $2,000 has been a major technical hurdle, as it’s near the closing and intramonth highs set in August 2020, March/April 2022, as well as April through October 2023 (the grey arrows pointing down). Yet, if gold ends November above ~$2,010, it will record a new all-time high monthly closing price.

Still, the bullion bulls face an uphill battle because gold has surpassed $2,070 intramonth three times since 2020, and all three preceded profound pullbacks. As a result, we may not have to wait long for gold to tip its hand.

 

If a correction unfolds, the 20-month moving average was an anchor in March/April 2021, February/March 2023, and September/October 2023. So long-term support is closer to $1,900.

 

Will the gold bugs finally have their day in the sun, or should we expect a fourth disappointment?


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