December 4, 2022

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Gold shines in rally to best level since Feb 1

1 min read

Gold at the highs of the day

Goldbug meme

With Elon Musk bouncing bitcoin and the broader crypto market around, gold is suddenly looking like a much more stable store of value.

It’s up for the third straight trading day today, climbing $20 to $1863. That’s the best level since Feb 1 and extends a big pop from the March double bottom.

gold chart

I expect the late-January high of $1875 to offer some stiff resistance but if not, we’re within striking distance of the high of the year.

I believe gold is starting to get some traction in the inflation fight. With every other commodity surging and the US dollar struggling, it’s offering a solid safe haven.

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