Asset Watch
Thursday, November 30, 2023
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?