Gold is poised for a document closing excessive

Gold is on monitor for an all-time closing excessive in the present day. It is up $11 to $2077. That might surpass the all-time closing excessive of $2071 set on December 1.

Additionally notable is that on December 4, gold briefly went super-nova in a pointy rally as much as $2135 on the open in Asia earlier than being hit by heavy promoting in a reversal that ended with a detailed at $2029. It is taken a lot of the month to recuperate from that swoon however broad US greenback softness, dovish central banks and a seasonal tailwind have closed the hole.

Critically, gold has struggled to remain above $2070 many instances courting again to 2020. It is a essential space of resistance and that makes this one of many most-interesting charts round.

What I discover attention-grabbing is that gold bulls are nonetheless quiet regardless of the potential of new highs. That is a bullish setup and with sturdy seasonals in January, it is now-or-never.