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Gold has gained over $100 in November but now has entered a period of price consolidation Since November 11 gold began to consolidate after completing the current leg of the most recent rally that began on November 4. The rally started one day after the conclusion of the November FOMC meeting. They announced that they would begin to taper their $120 billion asset accumulation later in the month. They announced that they would have a monthly reduction totaling $15 billion…

Gold continues to attract market participants as a primary tool of wealth preservation Market participants are once again focused upon the real threat that faces global economies, spiraling inflation. Today the United Kingdom reported that inflation has now hit a 10-year high. In the United States, the current level of inflation is at a 31-year high coming in at 6.2%. Mexico currently has an inflation rate of 6.24%, and many South American countries are running double-digit inflationary levels such as…

Strong retail sales and dollar strength take gold lower in trading today Gold futures traded to a high of $1879.50 overseas last night but then fell sharply off of these highs as the U.S. Census Bureau announced the advanced estimate of retail and food services sales for October 2021. Concurrently, the Federal Reserve released its industrial production data for October. Both reports indicated robust production and spending which was cited as the primary explanation for gold selling off so briskly.…

Gold prices to average $1,9450 in Q1 – Société Générale The gold market has broken out after five months of consolidation, and commodity analysts at Société Générale see the potential for a significant rally through the first quarter of 2022. In its latest price forecast, the French Bank said that U.S. monetary policy will continue to support prices as inflation pressures rise. “The Fed seems to be reluctant to increase interest rates any time soon, this combined with high inflation…

Gold prices jump into positive territory following drop in UoM consumer sentiment survey After spending the morning in negative territory, gold prices are once again on the move higher, getting a boost following weaker than expected U.S. consumer sentiment data. Friday, preliminary data from the University of Michigan showed consumer sentiment falling to 66.9, down from October’s reading 71.7. The data significantly missed expectations as economists were expecting to see a reading of around 72.5. “This is the lowest in…

This gold price level to spark even a bigger rally – analysts After a solid breakout above $1,850 an ounce, gold could be ready for even bigger gains. But first, the precious metal must breach this level, according to analysts. Inflation accelerating to three-decade highs in the U.S. has pushed investors towards gold, with the precious metal up nearly 3% on the week and December Comex gold futures last trading at $1,865.90. "It is all about inflation. The market is…

Gold shines the brightest when the chips are down Everyone who has bought anything in the last year knows that inflation is real. However, this week we found out just how bad it is. Wednesday, the U.S. Consumer Price Index saw an annual rise of 6.2%, the highest level in more than three decades. And while the idea that prices are rising isn’t new, according to some economists and market analysts, the fear is that the U.S. central bank is…

Gold price is heading back to $2,000 after playing 'second fiddle' to other assets – DailyFX After playing "second fiddle" to other assets for most of the year, gold is on its way back towards the 2020 record highs of above $2,000 an ounce, said DailyFX analyst Warren Venketas. There is a good upside to the price of gold as markets gear up for the Federal Reserve December monetary meeting, with the U.S. inflation and employment data at the forefront…

Could gold be posed for a breakout? CPI numbers answered that question today Yesterday's article addressed whether or not gold was positioned for a large upside breakout. We cited that the upcoming CPI (Consumer Price Index) numbers which were released today, would be a huge component to answer that question. Our technical studies indicated that a break in gold futures above $1835 would be a trigger for a strong breakout or price search. That is exactly what we saw today.…

By 2024, gold price will double, silver will more than triple, here’s why – Patrick Karim Gold and silver are both headed much higher, if prices continue to follow a 7-year arc pattern, said Patrick Karim of Northstar & Badcharts. Should the arc hold, gold should be trading at 250% higher than its 2017 level, translating to $4,200 an ounce by 2024, Karim told David Lin, anchor for Kitco News. Silver would see even more upside, trading at 350% higher…