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
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| Chart from equityclock.com |
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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