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Gold Breakout Still Pending
by Craig Hemke Sprott Money
As we warned back in January, the first half of 2023 has been characterized by repeated hopes of a price breakout in COMEX gold, only to be followed by repeated pullbacks. Another breakout attempt just failed, and those looking for a surge to new all-time highs will have to wait a bit longer.
The first attempt at a breakout was seen back in January. Price rallied over $100 to begin the year, but after some unexpectedly strong economic data, it fell back to unchanged on the year by late February.
Another rally began in March and took price to a “higher high”, coming within a few dollars of a new intraday all-time high two weeks ago. Again though, and just like in February, economic data has driven price backward.