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Will Gold Hold Onto Record Highs?

Will gold hold onto record highs?

Considering the gold movements in the last couple of months, many are asking themselves if gold will reach its record high levels.

What’s going on with Gold?

Gold should pause ahead of CPI numbers on Tuesday. We saw a bit of profit taking after the metal briefly touched $2,200 (Apr’24) on Friday, a major resistance (call wall and daily max 2 SD expected move) (see chart 1).

Chart 1: Friday's Daily Levels
Chart 1: Friday's Daily Levels

CPI data will add some volatility to the metal, as an higher-than-expected number could trigger a correction. (higher for longer rates). On the other side, a weaker number might bid the metal to new highs as more speculators will be joining the party.


The next big level will be $2,250 per ounce to the upside, $2100/2125 will be our first warning in case of a correction.


If you want to hedge your downside risk after such a rally, buying a Gold put spread collar might be a good idea. It will protect your profit if the market falls and reduces your losses if it falls even more.

Chart 2: Comex Apr’24 March 11th daily Levels
Chart 2: Comex Apr’24 March 11th daily Levels

If you are curious to know more about the latest gold movements, download our latest weekly gold snapshot report. In case you are interested in protecting yourself during inflation, our analysts are able to consult you and answer further questions you may have about it. Reach out to us by clicking on the button below.

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