Gold at its 18-week moving average and hitting the upside Bollinger band. Year end rally is not unusual for Gold.
Fed could not have been more clear, if inflation goes up, the Fed will not react right away. Gold $1,894.70 resistance is next barrier to break.
Gold often begins a significant seasonal rally around the time of the Fed’s December meeting.
Gold has stepped out of a downtrend on the daily chart, neutral. Gold $1,887.90 resistance.
The relationship between gold and interest rates are connected. Rates look to rise, so we need to watch and be cautious.
Too much money is chasing too few goods. Purchasing power of paper currency is rotting.
HSBC Securities says there’s still support from accommodative monetary and fiscal policies, as well as geopolitical risks, for gold’s rally next year.
Intermediate cycle lows looks to be in. 6 daily cycles lows during this four-month long correction. Video Update.
Positions as of 8 December, 2020.
Daily chart is bullish, $1,828.20 is key price to hold.
