https://www.zerohedge.com/geopolitical/escobar-panicked-empire-tries-make-russia-offer-it-cant-refuse
As I suggested last week offers are being made behind the scenes to eventually have a ceasefire and peace talks. Since it isn’t necessarily going to happen quickly, it is likely the correction in gold of $100 to $150 when the news finally does break, will likely be from higher levels. It could be timed to correct after gold spikes to a new high around $2100 first, and provide another great entry point before the run to $3000 and beyond later this year. In the meantime, as posted yesterday, silver is going to be the lead dog once again, after an almost two month sideways consolidation. https://www.zerohedge.com/geopolitical/escobar-panicked-empire-tries-make-russia-offer-it-cant-refuse
Based upon this morning’s takedown of Gold, could 1950 be the next hurdle. Been bumping up against this level the past week.
I presume you are referring to spot. In spot, gold hit just below 1960 at it’s high this morning. In the futures the April contract hit a high of 1975 before this $40 takedown. It looks like the trading range might be 1975 to 1925 unless a ceasefire gets announced then I believe it could go to 1850 as a worse case scenario. If not it will probably stay in the trading range mentioned above for a while.
I think the possibility of a ceasefire is nearly zero.
The price action will tell us if we’re in a correction. Gold and silver hit an interim high but the miners failed to confirm this.