As of 4:25 PM EST gold futures basis the most active June 2023 contract is trading down $8.50 or 0.42% and fixed at $2007.20. In earlier trading market participants actively moved gold below the key psychological level of $2000, taking June gold to its intraday low of $1993.40.

To the Western technical trader chart patterns are a major component used to predict future price movement over time. It is based upon the assumption that the study of historical price movements is a visual representation of market sentiment. Most importantly it is assumed that these patterns will repeat over time and thereby give traders an insight into potential future moves.

In 1913 and 1924 Dutch economists Jacob van Gelderen and Salomon de Wolff speculated the existence of 50 to 60-year cycles in the financial markets.  In 1925 the Soviet economist named Nikolai Dmitriyevich Kondratie speculated that a multi-decade business cycle existed. He called it a “Kondratiev wave”.

Come writers and critics who prophesize with your pen and keep your eyes wide, the chance won’t come again …. Your old road is rapidly aging. Please get out of the new one, …  For the times, they are a-changin' …. Bob Dylan

Gold pricing declined earlier this week on the heels of the most recent jobs report for March which was released on Friday. However, because markets were closed a delayed reaction occurred beginning Monday morning in Australia and moving through Hong Kong, London, and then New York with June gold futures trading to a low of $1995 before recovering and closing above $2000 per ounce.

On Friday the U.S. Bureau of Labor Statistics released the jobs report for March. However, because the release occurred as many markets were either closed or shortened due to the Easter holiday weekend beginning with “Good Friday” the financial markets did not react to the numbers until trading resumed Monday morning in Australia.

Although trading in the futures markets for precious metals, energies, grains, and other commodities is closed for trading tomorrow in honor of “Good Friday”, in this case, the government never rests. Tomorrow the Labor Department will release the most current data for its non-farm payroll jobs report for March.

The solid breakout that moved gold futures above $2000 to a high of $2043 yesterday, and $2049.20 today indicates a new level of support well above $2000 per ounce.

A solid breakout in gold moved futures pricing well above $2000 in trading today. Currently, the most active June 2023 contract is trading up $39.10 or 1.94% and fixed at $2039.40. That puts gold within striking range of the all-time high of $2088 as well as the record closing price for gold futures at $2069.40.

It has been just a little over one year ago that gold futures traded and closed above $2000 per ounce. On March 8, 2022 gold futures opened above $2000 per ounce, traded to a high of $2078 and closed at approximately $2043. Even though gold futures were able to close well above $2000, that price point was unsustainable.