This week, if Gold closes above any number of levels, it will be the highest close weekly, monthly , and quarterly in forever…
Today:
Market Rundown
BBG gives Gold the unabashed friendly treatment
Moor Gold comment
1- Market Rundown:
Good morning. The dollar is down 23. Bonds are weaker. Stocks are down slightly around 10 bps. Gold is up $4 after being down $6 last night. Note: it is being bought during the London open lately. Silver FU is up 4c. Crude oil is up 21 cents. Nat Gas is down 4c. Crypto is mixed and grains are as well.
Comments:
The banking crisis in the US is, as we said, over for now.
The close this week remains the most important week for gold since forever. A close that eclipses previous monthly and quarterly highs will attract new and fresher interest to the space.
Moor Analytics: Says we need to get above 1983.70 for a re-ignition to the upside, warns that the top may be in at 2014.90 and says the next topping area should that be broken is in the 2036 area. He also believes at current prices, Gold is still in a bull trend that is consolidating and ok above the 1938 area in general.
Bloomberg on Gold: Excerpt
Bloomberg gives a very tightly written, very no nonsense 2 page comment on Gold today
Gold May Breach $2,000 and Not Look Back On a month-end basis, if gold closes around its price of March 24 it will be the highest ever and for good reason.
The metal has withstood an elongated period of consolidation just below $2,000 an ounce -- and with most central banks still tightening despite the global banking crisis, along with deflating commodities, there may be ample fuel to reinvigorate gold's upward trajectory since 2001.
