Gold's attempt to breakout above $1900 failed the day Russia invaded Ukraine. Gold traded up to $1975 but ended up closing below $1920. It then closed the week below $1900. Gold needs a weekly and monthly close above $1900 to break to the upside.

Ultimately, developments with the economy and stock market will drive Gold moving forward. If the S&P cannot make a new high and sputters again, then the Fed will be forced to stop hiking rates sooner than the market thinks. Their policy shift would be a catalyst for Gold to break above $1900 and for Silver to reach $28.

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