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SGOL - China Unloads Dollars As Gold Tests Support
Aberdeen Standard Physical Swiss Gold Shares
Since posting new record highs in early August, the gold market has consolidated above $1,900/oz support.
A close below the $1,900 level would carry bearish implications for the near term.
Alternatively, a move back above $2,000/oz would likely be followed through to the upside with a rally to fresh highs. Silver, in turn, could be expected to run to new multi-year highs above $30/oz.
These breakouts will happen eventually. The relentless mega trend of dollar depreciation (i.e., inflation) ensures hard money will gain value versus fiat Federal Reserve notes.