Bullish crossovers often to new highs on a move. Market should break above $1,821.60 on this move.
Momentum is up, an embedded bullish reading next week for gold?
Inflation? I am amazed sometimes by the amount of increases. Gold is hanging around its 18 week moving averages. Big support around $1,791-$1,792. Momentum is negative, overbought:
Demand outlook is very bullish for copper, nickel, and all base metals in 2022. Copper usage in DE carbonization and in electric vehicles result in higher demand.
Specs’ gold-futures positioning has far more room for buying than selling. That should be catalyzed by raging inflation from the Fed’s epic money printing, and bubble-valued stock markets rolling over..
With inflation surging, QE headed to the scrapyard (for now), and imminent rate hikes taking the main markets stage, gold looks solid… and feels solid too.
