This is the moment of truth for gold. I like the setup here, as I always do on December seasonals. In addition, the Fed is going to pivot dovishly and the dollar looks out-of-gas.
Gold is now up $35 on the day at $2071. I don’t get the sense that gold is crowded even as it threatens all time highs, there could be some FOMO on a breakout.
I would expect some short-term profit taking here as a big level was touched but if it can hold $2050, then I think it won’t be long before the bulls go for a true breakout.
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- Source: https://www.forexlive.com/news/gold-touches-an-all-time-high-at-2075-20231201/
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