Gold continues to bounce around as it has done for the past three weeks. Given that a close over $2,400 remains elusive, we can’t at this time eliminate the downside risk.
Most striking is the dollar's ability to hold aloft a mere 4% below 2022's peak of around 115. This is tough to square with apparent reality, since the greenback's global hegemony for the last 90 years has come under increasing challenge.
Gold broadly looks great to go, but near-term technicals initially say no. Either way, we’ll see what shows. Indeed, how much Gold have you got stowed?
Gold is testing the 18-week average of closes. Hot PCE indices could drop it lower, while lower numbers might push it up. The battleground is the 18-day average of closes.
The pattern reversed on us. If the decline continues, the market might head toward the 18-week moving average of closes, which is still in play. For the week, you're up 0.01%.
The technical indicators are bearish. Buy-stop losses will be triggered by very short-term traders if the falling trend continues in gold, silver, and copper.
