Gold’s correction from last month’s record high at $3500 continues to consolidate inside of another bullish symmetrical triangle. Gold Futures have bounced from support at $3200 following a brief 8.5% correction from the April 22 high, closely matching the nearly 9% correction seen following the Nov. 5 U.S. election results.
The current gold bull run began from a low at $1614 in November 2022. Thus far, there have been five corrections of note, ranging from 6.7% to 12.7%, while the gold price has more than doubled in just 18-months.
Since Donald Trump was announced the victor of the 2024 Presidential election, each correction began with a sharp move down and has taken progressively less time to consolidate the subsequent downdraft as this powerful secular gold bull market moves forward. Although this healthy consolidation of recent out-sized gains may continue in the short-to-medium term, the structural drivers underpinning gold’s strength remain firmly in place.
For the rest of this column: https://www.kitco.com/opinion/2025-05-09/its-old-turkey-time-gold-stock-investors