It’s getting to feel a lot like Christmas, with broad-based rallies across multiple asset classes

It is getting to feel a lot like Christmas. Today market participants witnessed rallies across the financial markets. U.S. equities, precious metals, and cryptocurrencies all experienced gains today with a broad-based rally across most asset classes.

The Standard & Poor’s 500 closed today at a new record high, and both the Dow Jones Industrial Average and the NASDAQ composite scored significant gains. In the cryptocurrencies space bitcoin gained approximately 4.4% and ethereum gained approximately 3.13%.

The precious metals scored gains across-the-board with palladium having the largest percentage gain of 3.29%. Currently, palladium futures are fixed at $1951.50. Platinum futures gained 0.65 % and is currently fixed at $974.70. Silver futures gained 0.44% and is currently fixed at $22.925, and lastly, gold futures gained 0.40% and is currently fixed at $1809.40.

Gold futures recovered from the most recent decline. After trading to an intraday high of $1815 last Friday, gold futures sustained a two-day decline trading to a low of $1784.90 on Tuesday, December 21. Yesterday gold opened at $1789 and staged a moderate rally of $15.70 which took gold pricing to $1804.80. Today although gold traded to an intraday low of $1800, gold recovered gaining $7.30 and as of 4:40 PM EST is currently fixed at $1809.50. These gains occurred within thin holiday volume with only 110,408 contracts.

Recent gains in the precious metals are significant and indicate a high potential for them to continue to gain value by the end of this year and especially in 2022.

Our technical studies indicate that currently, gold futures have resistance at $1815 based on recent intraday highs. Above that, there is resistance at $1828 which is based on the 61.8% Fibonacci retracement. The data set used for this retracement set begins in June with gold at $1920 and concludes the first week of August when gold hit its lowest value in the second half of this year at $1678. Our studies also indicate that major support for gold occurs at $1770 per ounce the 38.2% Fibonacci retracement.

This has been a difficult year, to say the least. The pandemic which began in March 2020 continues to affect individuals globally. For those that have experienced hardship or the loss of loved ones, our hearts and prayers go out to you. That being said, we want to extend our wishes for a happy and healthy holiday season whether you celebrate Christmas or Hanukkah.

To all our followers and subscribers as this year is quickly coming to an end, we wish you the very best in 2022, and as always good trading and good health.