In the first two weeks of December, gold had a high-low swing of 8%. Having started the month with an extraordinary rally which took it to a fresh all-time high just below $2,150, it subsequently slumped back below $1,980. Since then it has managed to rally steadily, taking it above the key $2,000/2,020 area quite comfortably. Like most risk assets, gold got a boost following the US Federal Reserve’s monetary policy meeting last month. This was when the Fed kept rates unchanged, as forecast, but signalled a faster pace of rate cuts this year than investors were expecting. Bond yields dropped sharply, and these lower borrowing costs helped to lift gold. But it doesn’t feel as if gold is out of danger yet, as investors continue to pay it scant attention. As far as the bulls are concerned, gold now needs to hold above $2,000 on any pull-back. If it can do that, then it may pick up more followers in 2024 than it has for many years. But a break below this support will see confidence drain away yet again, and leave gold floundering and directionless.