Hey folks,
You ever have one of those moments where you check the charts before bed… everything looks good…
And then you wake up to a totally different picture?
That was me last night with gold.
When I shut things down, gold was sitting around $3,380.
Solid… Steady… No real warning signs.
Fast forward to this morning — and we were trading down around $3,300.
Now, if you only look at that drop in isolation, it feels like a big deal
But when you zoom out? It’s just part of the game.
Here’s an important thing to remember:
Strong trends rarely move in a straight line.
Gold’s been making new highs… then pulling back… then grinding higher again.
That’s how real trends build strength. They breathe.
If you go back through any major gold rally in history, you’ll see this same pattern:
- A surge
- A sharp pullback
- A consolidation phase
- Another leg up
These overnight shakeouts are designed to rattle weak hands — not to signal the end of a move.
And with the kind of macro backdrop we’re seeing:
- sticky inflation…
- a wobbly Fed…
- global tensions…
I’m not backing off my longer-term bullish view on gold one bit.
Could it chop around for a bit? Absolutely. Could it drift lower before moving higher again? Sure.
But trends like this don’t turn on a dime over one night’s trading.
I talked more about this — plus a whole lot on the next big tech earnings I’m watching… the upcoming economic reports that could move the market and more in my latest Weekly Wrap-Up.
Watch the full episode here
Stay shar,
—Geof Smith
P.S. Gold’s slip might have just set it up for the next leg higher. And here’s how I’m planning to play it!
