Coach Mark here.

From a narrative standpoint it has not been too shabby of a stretch for gold the last couple weeks. After a relentless run of central banks raising interest rates over the last couple of years gold is closer to all-time highs than not which is very telling. The economy manifested strength that was not expected this year, yields and the dollar went on epic multi-month runs and still there gold is…. hanging around 2000.

In the last week we have had CPI and inflation data come in very dovish. Rampant pricing in the Fed being done has occurred which relieved pressure on yields and the dollar. Economic data today came in soft. Industrial production missed today and Jobless claims today were the highest since August. Soft economic data certainly is not going to hurt the narrative that the Fed is done hiking rates.

There is a strong long-term case for gold and gold has told an interesting story during this long hiking cycle. If the market completely accepts that the hiking cycle is done it could create a backdrop that leads gold to have that sustained move over 2000 that many have been waiting for. The economic data this week certainly did nothing but help create a narrative that could fuel that move.

Have a fantastic Thursday!

Chart of the Day: Gold Futures (/GC)

Not a bad look for gold as we end towards the end of the week.

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