GOLDEN TIDBITS (JAN 8-12, 2024)

Hello Gold Enthusiasts!

As we wrapped up another exciting week in gold trading, let’s dive into the key highlights that shaped the market. There’s never a dull moment in the world of gold, and this week was no exception. From technical patterns to geopolitical tensions, here’s the lowdown on what’s been happening:

The Gold Coiling Pattern: A Tantalizing Wait

Did you notice the intriguing pattern in gold prices lately? We’re seeing a fascinating coiling at the top of a more than three-year consolidation range. Think of it as a spring getting tighter and tighter. This pattern is forming what looks like progressively higher ‘V-bottoms’. For those of us eagerly anticipating a breakout, it seems we might have to wait a bit longer, possibly until late January or early February. Hang in there, folks; the suspense is building!

A Rally to Remember, But What’s Next?

Gold really showed its mettle this week, breaking past the 2041.00 level. However, the rally hit a bit of a speed bump as it approached the key resistance at 2065.70. This hiccup in momentum hints at a possible correctional dip, eyeing the 2016.90 mark. But gold aficionados, keep an eye on that 2065.70 level – crossing it could flip the script and lead to more gains. It’s all about the levels!

Historical Trends: January Joy for Gold

Here’s a fun fact: Gold loves January! Historically, gold prices have a penchant for rallying in the first month of the year, typically notching up around 3.5% gains. This year, gold seems to be keeping up with tradition, already showing strong performance and building on last year’s 13% gain. It’s like January and gold are best buddies!

The Fed Factor: A Game-Changer for Gold

Big news from the Federal Reserve this week – they’re done with rate hikes! This shift from tightening to loosening monetary policy is like a golden ticket for, well, gold. This pivot is precisely what gold needed to potentially kick off its next big run. All aboard the gold train!

Gold and Geopolitics: A Safe Haven Story

As always, gold proves to be the go-to in times of uncertainty. With tensions escalating in the Middle East, gold’s status as a safe haven is reinforced. It’s fascinating how global events can have such a direct impact on our shiny friend.

That wraps up our gold trading week. It’s been a mix of anticipation, surprises, and consistent historical trends. The world of gold never fails to keep us on our toes, and I’m excited to see what the next week brings!

Goldman

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