Gold was up over $25 at its peak today, before giving back more than half that gain. Nonetheless, an hour before the close both Gold and Silver remain positive. Note the chart below is another view of Gold Futures, this time via a Point & Figure chart that is actually more bullish than the bar charts we normally use for our trading. The Fib projections are the same as they are purely price-based, unaffected by how the impulse price action is tracked. Yes, that is $3,900 projected at some point in the next 12 months. Gold Futures - Point & Figure CCloser up view is targeting $3,000 by end of 2024. A geopolitical trigger? An economic trigger? Maybe both? Silver Futures Traditional bar chart: setting up for a new leg up into the $40's.
