Spurred on by rate cuts out of the ECB, Comex gold has finally broken through $2560 this morning and has surged to new ATHs as the wall of resistance that was built over the past three and a half weeks get run and squeezed.
What's funny is that I was thinking about the symmetry earlier this week. I briefly mentioned this in passing in yesterday's podcast but didn't believe it would/could play out this way as I didn't see the potential catalyst for the move.
- In March, CDG broke out of a 3.5 year range
- In August, CDG broke out of a 3.5 month range
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