BULLION BANKS DEFEATED! Gold's About to Be the BIGGEST BREAKOUT STORY In History - Gareth Soloway

BULLION BANKS DEFEATED! Gold's About to Be the BIGGEST BREAKOUT STORY In History - Gareth Soloway

Gold prices climbed sharply on Tuesday, reaching a two-week high during midday US trading. The rally is driven by technical buying and supportive fundamentals, including increased demand from China's central bank and potential new economic stimulus measures from Beijing. Additionally, safe-haven demand stemming from ongoing tensions in the Middle East and political instability in South Korea has added bullish momentum to the yellow metal.
Despite the strong rally, technical indicators suggest caution. A seasoned market analyst, Gareth Soloway notes a trendline connecting recent lows, forming a pattern resembling an upside-down flagpole with a flag. This typically signals bearish consolidation, reflecting sideways price action. However, the recent upward movement in gold—achieved without significant weakening in the US dollar—indicates that other factors, such as geopolitical uncertainties and market sentiment shifts, influence the market.
While the rally is impressive, analysts caution that bullish momentum faces challenges. In a recent interview with Kitco News, Christopher Vecchio, Head of Futures & Forex at Tastylive.com, emphasized that February gold needs to push above $2,725 to solidify its short-term bullish stance. The gold market has seen increased trading volume this year, with prices rallying nearly 30%, but broader investor interest remains subdued, potentially limiting further upside.
From a long-term perspective, gold remains a compelling investment. Persistent concerns over government spending and fiscal mismanagement continue to position the metal as a reliable hedge against economic uncertainty. Gareth Soloway highlights skepticism surrounding meaningful government reform, further bolstering the case for gold as a safe-haven asset.
The US federal government’s spending has reached staggering levels. In the most recent fiscal year, from October 2023 to September 2024, the government spent $6.75 trillion, according to the US Treasury. This sustained fiscal strain reinforces the long-term appeal of gold for investors seeking to protect their wealth.
As gold prices hover near recent highs, bullish fundamentals, geopolitical uncertainties, and cautious technical signals set the stage for a dynamic market.
Silver prices made a notable jump on Monday, with spot silver gaining 4.6% within 10 hours to reach $32.268 per ounce, marking its highest level since the selloff following the US election in early November. By Tuesday's North American trading session, silver was consolidating near $32.00 as investors awaited pivotal developments, including China’s closed-door annual central economic conference on December 11-12 and the release of the US Consumer Price Index data on Wednesday.
The consolidation phase reflects investor caution as the market seeks direction from potential policy signals out of China and insights into U.S. inflation trends. According to Bloomberg, the outcomes of these events could significantly influence near-term silver price movements, given their implications for industrial demand and broader economic sentiment.
The backdrop of heightened geopolitical tensions adds to silver's appeal. Israel’s recent military action in Syria, aimed at neutralizing potential threats from Syrian rebels, has escalated volatility in the Middle East. Historically, such geopolitical instability bolsters safe-haven demand for silver, further supporting its price.

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