Gold is approaching its all-time high (ATH) at 2,070ish after a nice breakout from a year-long Cup & Handle formation. The measured move upside target is around $2,350, but it must first break the ATH. Freakishly, gold is trading close to its ATH even as the Fed is almost done. What does this signal?
My priors were the battle between gold and crypto was a generational thing. The following quote confirms it,
“Yields are starting to look toward the Fed to pivot, and it looks like gold’s just ready to break out. I think these boomer rocks, they’re set up for a boom…” – Mike McGlone, Bloomberg Intelligence Senior Macro Strategist
We are betting on gold as it has thousands of years of history.
Related: Central Banks Are Buying Gold at a Record Pace So Far in 2023