gold daily
The gold buyers are back in a big way following the holiday in China and other parts of Asia.
Gold surged yesterday and traced out an outside bullish reversal. That pattern extended today in a powerful signal for gold buyers. If we close here it will be the second-best closing level ever and just $10 from the closing record on April 21.
The big level though is $3500, which is where gold stalled on April 22. That was followed by a heavy round of profit taking that coincided with optimism about US trade deals.
Lately though, progress appears to have stalled. Treasury Secretary Scott Bessent today confirmed that the US and China aren’t talking. He continued to tease other trade deals but the market is at the point where it wants to see less talk and more signed papers.
Trump today said he’s tired of questions about when deals would be struck and “we’re going to put down the price the people are going to have to pay to shop in the United States.”
“We’re going to put very fair numbers down, and we’re going to say, here’s – what this country, what we want. And congratulations, we have a deal. And they’ll either say ‘great,’ and they’ll start shopping, or they’ll say, not good,'” Trump said alongside Canadian Prime Minister Mark Carney.
“It’s going to be a very fair number, it’ll be a low number. We’re not looking to hurt countries,” he said.
This all sounds like improvisation and Trump has likely been emboldened by the bounce back in stock markets.
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