4 December 2023 - Thoughts on the Market

Here is another brief update before a longer write-up in several weeks. In my analysis of November 19, 2023, I had written that we were likely in the early stages of a major, new rally in gold. The recent price action confirms this view, with gold having exploded higher from $1810 to touch $2146 per ounce in early Asia this morning. The move has been powerful, but it is over-extended in the short term. Accordingly, I am expecting a corrective pullback here, but the overall trend should now be intact.