Gold has largely followed MM’s roadmap through 2025 and if we are correct this current surge above $US4,400 is a short-term “blow off” before we see some consolidation between $US4000 and $4500 – note we’ve had the chart below in place for months. Gold and silver surged to all-time highs overnight as bets on further Fed rate cuts added momentum to their best annual performance in over 40-years. Rising political tensions added a helping hand with the US intensifying its oil blockade against Venezuela, but this remains a market looking for an excuse to rally.
- We are looking for a period of consolidation by precious metals, similar to that in 2022.
MM is now neutral gold over the coming months.
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