| | | | If you’ve been following along, you’ve heard me talk about the “magic” that seems to happen when gold futures hit those century marks.
What I mean by century marks are those even hundreds — like 2500, 2600, and so on.
Gold has a habit of hitting these levels, pulling back, and then eventually making its next move higher.
And today, we saw that play out again.
After rallying all of last week and seemingly sailing through the 2700 level, gold futures pulled back hard today, giving up most of last week’s gains.
It’s not the move we were hoping for, but it’s also not unexpected.
Here’s the thing: don’t let this shake your confidence in gold.
The forces that have been driving it higher all year are still in play.
As I mentioned in Friday’s Weekly Wrap-Up, Silver Futures (/SI) and Copper Futures (/HG) need to start “playing along” for gold to get back on track.
Keep an eye on those — they’ll tell us if the metals market is ready to pick up momentum again.
In the meantime, it’s a short trading week with some big data on the horizon.
Wednesday morning, we’ll get GDP (Gross Domestic Product) at 8:30 AM Eastern, followed by PCE (Personal Consumption Expenditures) at 10:00 AM.
These reports will set the tone for the week, so pay close attention to how the market reacts.
And don’t forget, Friday’s a half day, so we’ll likely see lighter volumes.
Stay tuned and let’s see how it plays out.
— Geof Smith
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