RE:RE:The trend is our friendgeezer21 wrote:
More currently, the gold price has been on an uptrend since October 2022 and recently starting in October 2023, on expectations of rate easing in 2024, gold surged to a new high shy of $2,100 by the end of November 2023.
Currenlty the price is showing a flag pattern indicating it will bounce off of 20 day EMA to continue on trend to a new high.
Click on "weekly" to get a better look at the pattern and in "overlays" drop down enter a EMA and set a 20 day period.
https://stockcharts.com/h-sc/ui
The big picture looks good for gold as real rates potentially fall in 24, that should be a good backdrop BUT we should always consider any flies in the ointment. Near term the daily USD chart has developed a nice flag of its own and may break higher toward 105-106, which likely means $2000 support for gold breaks and we either get a back test of the low 1900's or even low 1800's. In such a scenario CXB could test a lower support level, where I'd certainly add but the stock is so cheap it could remain obstinately strong even in a gold price pullback. Let's see.