Gold hits record high above $2,790 on dovish central bank moves and demand from safe-haven seeking investors. Fed holds rates steady but hints at potential cuts.
Yesterday’s gold market action was disappointing, but from a technical perspective the recoil from the $2790 cash market highs was expected and normal.
Gold’s third arrival at the $2720 marker could be the last one before a surge higher begins, and Stochastics also tends to be overbought when such a key breakout is at hand.
Trump's first day in office saw executive orders on immigration and energy, withdrawal from global agreements, and tariff threats. Market reactions varied.
Market may attempt a rally this week but does not have enough energy (panic) to go far. A stronger low may come late this month according to seasonality.
Gold and Silver had a strong week while the miners showed less strength. We see a bit more strength before metals and miners retreat from resistance again.
The gold miners’ stocks are limping into 2025 seriously oversold, deeply undervalued, and really out of favor. While that doesn’t sound very bullish, this is a fantastic contrarian setup for a big revaluation year.
