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Monday, November 6, 2023

Gold, Seasonal Trend

I was watching gold bug Chistopher Verrone, on Bloomberg this morning, and it just seems a little too coincidental that he would come on TV and pump gold, just 2 days after Tim Seymour did exactly the same thing on CNBC Fast Money last week.  

It's not like we've seen gold breakout above $2000, so what gives? 

Gold, Seasonal Trend

 Gold seasonality comes into play in Nov., and that can set up for a rally that continues deep into February. 

Gold Futures Seasonality Chart - over the past 20 years   

Chart from

I added the green breakout line. 

The seasonality in Gold totally explains why traders are pumping gold in early Nov., but will this seasonal trend work in 2023? 

I can tell you Gold already broke out, back in October.  

$GOLD - gold rallied off the recent lows back in early Oct, and broke out above the 1940 level. 

Looks like Gold has already had a nice run, and I see two analysts grasping at straws! 

Take Care, AA 

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