{"id":2393,"date":"2023-12-04T05:09:41","date_gmt":"2023-12-04T05:09:41","guid":{"rendered":"https:\/\/prendergast.net\/?p=2393"},"modified":"2023-12-04T05:09:41","modified_gmt":"2023-12-04T05:09:41","slug":"spot-gold-price-rockets-through-resistance-on-sunday-evening-setting-new-all-time-highs","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2393","title":{"rendered":"Spot gold price rockets through resistance on Sunday evening setting new all-time highs"},"content":{"rendered":"
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Spot gold price rockets through resistance on Sunday evening, setting new all-time highs<\/strong><\/span><\/span><\/h1>\n

\"\"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.<\/p>\n

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.<\/p>\n

“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).”<\/p>\n

Soloway said a “calculated target for 2024 sits at $2,534,” which would represent a completion of the inverse head and shoulders pattern breakout.<\/p>\n

“Investors are likely to favor gold as a way to protect against recession, inflation, money printing and the classic safety trade,” he added.<\/p>\n

Matt Simpson, Market Analyst at CityIndex and Forex.com, wrote on X that traders need to be cautious about what this move means for gold prices as it happened while liquidity was low.<\/p>\n

“Gold just made minced meat out of the 2022 \/ prior record high, rising $75 at the open and smashing above its 1-week implied volatility band,” Simpson said. “Lots of gold headlines are to be expected. But I remain suspicious of the move, given it occurred during low liquidity trade.”<\/p>\n

Simpson admitted that he completely missed the move, but he’s also “happy to sit on the side line and avoid the inevitable chop that could follow.”<\/p>\n

After setting the new all-time high shortly after 6:30 pm EST, spot gold has ratcheted steadily lower, last trading at $2,091.48, but still up nearly 1.00% on the session.<\/p>\n

By<\/p>\n

Ernest Hoffman<\/p>\n

For Kitco News<\/p>\n

Time to Buy Gold and Silver<\/a><\/u><\/span><\/span><\/span><\/p>\n

<\/p>\n

Tim Moseley<\/p>\n","protected":false},"excerpt":{"rendered":"

Spot gold price rockets through resistance on Sunday evening, setting new all-time highs 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 … Continue reading Spot gold price rockets through resistance on Sunday evening setting new all-time highs<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[290,291],"_links":{"self":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2393"}],"collection":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2393"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2393\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}