(Kitco News) - Spot gold opened the Sunday evening session with massive momentum, obliterating key resistance levels and the previous high to set a new all-time high of $2,148.99 within the first half-hour of trading.
Gareth Soloway, Chief Market Strategist at InTheMoneyStocks.com and President of VerifiedInvesting.com, told Kitco News that the move was driven by a powerful combination of rate cut expectations and technical levels.
“Gold surged through its all-time highs on the back of hopes for lower rates sooner (vs higher for longer), future money printing expectations and stops being triggered on the break of $2,100,” he said. “The inverse head and shoulder pattern has triggered (assuming a daily close above $2,080).”
Soloway said a “calculated target for 2024 sits at $2,534,” which would represent a completion of the inverse head and shoulders pattern breakout.
“Investors are likely to favor gold as a way to protect against recession, inflation, money printing and the classic safety trade,” he added.