While there are small support levels in gold at $1750, and the recent low at $1721, the $1675 level tested three times this year is more significant, followed by the 40-month moving average around $1620, and then the 50% retracement down to $1565-$1570. $18.70 is key support for silver.
Inflation is likely to start coming down, compressing how negative the real rates are, and the rate of change of inflation coming down will keep a lid on the precious metals and the commodities.
He outlined that gold is the leader and has corrected for a year and half, and that other commodities like copper, base metals, and oil already peaked for the year running up to 10-year resistance levels, and he believes they won’t be breaking higher next year, and need to consolidate before making the next move higher in the longer term pattern for commodities.