Gold: Where Is It Headed?

December 18, 2023

I tend to think that gold still has more to this intermediate rally and the reason I think that is as of right now the dollar is in the declining phase of its intermediate cycle, so here is the last intermediate cycle low. You can see the dollar has started to make lower lows and lower highs and its price is also below the 50-day moving average. 

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In 1934 President Franklin Delano Roosevelt devalued the dollar by raising the price of gold to $35 per ounce.
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