The Bubble Bubble Report

The Bubble Bubble Report

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The Bubble Bubble Report
The Bubble Bubble Report
Gold & Silver Are Attempting to Rebound

Gold & Silver Are Attempting to Rebound

After the sharp knee-jerk sell-off triggered by the U.S. presidential election, cooler heads are prevailing, allowing gold and silver to begin recovering lost ground.

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Jesse Colombo
Nov 19, 2024
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The Bubble Bubble Report
The Bubble Bubble Report
Gold & Silver Are Attempting to Rebound
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In my previous gold and silver market update, I discussed how the relentless surge of the U.S. dollar following the presidential election, coupled with irrational exuberance, was weighing heavily on precious metals. Now, early signs suggest that investors are reconsidering their overreaction, and the dollar's rally may be losing steam. This shift is allowing gold and silver to rebound and close above key technical levels—a promising development.

Gold rose 1.9% on Monday, enabling COMEX gold futures to reclaim the uptrend line and the critical $2,600 support level breached last week. This is an encouraging sign, provided gold remains above these levels. I’m relieved to see this recovery. As I’ve noted before, I closely monitor $100 increments in COMEX gold futures, as they often serve as significant support and resistance levels. Gold’s recent peak, nearly hitting $2,800, confirms the validity of this approach.

Additionally, gold broke out of a bearish channel pattern on its four-hour intraday chart. This channel defined gold’s November downtrend, so the breakout signals a shift in that trend. I’ll be closely monitoring this development.

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