Top Citi analyst from Citi says gold is on the cusp of a major breakout that will send the price to an all-time high.

Gold’s Final Breakout
November 24 (King World News) – Excellent piece from Citi’s Naveen Nair:  Gold is testing very strong resistance at $2000-$2009 (Psychological level, 76.4% Fibonacci retracement and October highs). We closely watch this level, given a decisive break would suggest a +2.7% move towards 2023 highs.

Building blocks:

  • Resistance at $2000-$2009 (Psychological level, 76.4% Fibonacci retracement and October highs) is very strong
  • 76.4% Fibo retracement has been historically a strong resistance level (as shown on the weekly chart)
  • A decisive break above this level has seen rallies towards the ~$2070 level.
  • To the downside, support is likely at $1940.74 (200-day MA)

Gold Attempting To Break Out And Attack All-Time Highs

5 Year Weekly Chart Also Shows Gold At Final Resistance Before Assaulting All-Time Highs

OTHER TECHNICAL DEVELOPMENTS WORTH NOTING

US Dollar Index: Weekly levels on the dollar index remains key for broad FX markets. 103-104 is the main level to with a few intersecting levels: 55-week MA, 200-day MA, July 2023 high, August 30th low. While short term support remains the theme, IF we see a weekly/monthly close below, it would indicate further downside for the dollar.

Just Released: Gold & Silver Breakout!
To listen to Alasdair Macleod discuss why next week may be a huge surprise gold and silver investors around the world CLICK HERE OR ON THE. IMAGE BELOW

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