Gold

Last week gold prices reached their highest value of 2019. Prior to that the record high this year was at approximately $1331, and was achieved on January 30. Gold pricing began the year trapped in a tight and narrow range between the highs at $1300 and the lows of $1275.

The questions market participants who follow and trade gold should be asking after yesterday’s dynamic selloff is whether or not this price decline was the beginning of a correction? A small dip to be followed by consolidation? Or a one and Done?

Simply put it is a rare instance when a market goes parabolic, or trades in an extended extremely long-term rally or correction without having peaks and valleys. In fact, most rallies are composed of periods of price growth followed by periods of corrections. What defines an upside rally is that the upside moves are always greater than the subsequent corrections.

Although the optimism which is been so prevalent taking the precious metals markets higher is still fully intact, the minutes from last month's FOMC meeting I had a small bearish undertone to gold pricing today. Nonetheless I remain bullish and think that we could easily still see the market take a stab at $1370 per ounce the triple top that traders have not been able to break through over

For those investors and traders who intrinsically believe that gold pricing should be higher than current pricing, a revival of optimism has emerged as market sentiment shifts to a much more bullish demeanor.