The general market rallies have trouble holding. Gold back to key supports. 100 day moving average support and Bollinger band supports converging, market is oversold, short covering bidding:
The bloodbath phase in the Euro, usually last 5-7 days, so a top in the US Dollar as early as by the end of this week. Implications for the metals and a lot sooner ending to the sell-off in gold/silver stocks.
How might that impact what the Fed will do and say? What if this leads the Fed to hike just 50 basis points and Powell's press conference is deemed "surprisingly dovish"?
Investors should never cheer for a gold price pullback any more than cheering to get punched in the face in a boxing ring, but it happens. In terms of the fundamentals, the long-term picture is pristine.
That’s because gold buyers piling into exchange-traded funds (ETFs) are taking a pessimistic view of the U.S. Federal Reserve’s ability to cool decades-high inflation without hurting the economy.
No joy anywhere. But if we are headed for a mini-crash then we are reminded that while everyone gets hit the golds have typically been the first to recover.
