Gold is poised for a record closing high

Gold is on track for an all-time closing high today. It’s up $11 to $2077. That would surpass the all-time closing high of $2071 set on December 1.

Also notable is that on December 4, gold briefly went super-nova in a sharp rally up to $2135 at the open in Asia before being hit by heavy selling in a reversal that ended with a close at $2029. It’s taken most of the month to recover from that swoon but broad US dollar softness, dovish central banks and a seasonal tailwind have closed the gap.

Critically, gold has struggled to stay above $2070 many times dating back to 2020. It’s a critical area of resistance and that makes this one of the most-interesting charts around.

What I find interesting is that gold bulls are still quiet despite the possibility of new highs. That’s a bullish setup and with strong seasonals in January, it’s now-or-never.