GOLD to Skyrocket?

We’ve been bullish gold. We continue to be bullish gold.

While not as volatile as some other % gainers that we also participate in i.e. Bitcoin, Silver, Technology and commodities, Gold is the Pound-for-Pound, Wealth Protection Champion. The ultimate HODLing vehicle.

Today, we’ll give you TWO Gold Charts that show where this thing can go short-mid term.

First, let’s provide some background on where we are and what could fuel a massive move in the yellow metal.

The latest drop in the core Personal Consumption Expenditure price index (PCE) for November has stirred a buzz in markets. The decrease has sparked hopes of an early rate cut by the Federal Reserve (Fed), and market participants are pricing in the first cut by March.

The US core PCE price index data declined more than anticipated, falling to 3.2% compared to the estimated 3.3%. This unexpected dip in the Fed's favorite inflation gauge might nudge policymakers to endorse rate cuts earlier than planned, offering a propitious start for the Fed in 2024.

We also have an election year. And election years are historically bullish and deflationary.

Are the powers that be that much in control?

Let’s now take a look at GOLD Chart #1: The Daily Chart

Right now Gold is hovering around All-Time Highs. The longer it hangs out here and/or consolidates, the more likely it is building energy for the next leg higher.

Our measured move takes that leg to approx. 2,500.

Now for GOLD Chart #2: The Weekly Chart

If we zoom out to the Weekly Chart you’ll see from a macro perspective, Gold has been in a massive consolidation pattern.

Our measured move takes this to approx. 2,800.

If you’ve been in our FREE Telegram Channel, you’ll know we’ve been long Gold since the bear market in 2022.

Our longs on Gold, whether you bought physical, ETF or futures, are up about 25%

Either way, 2024 will continue to be a great year for trading and investing.

It’s important to cut out the noise, and use common sense.