Gold is up 1.50% today after the USD takes a breather and the Fed chairman called inflation a frustrating issue facing their monetary policy measures. US jobless claims missed expectations once again sending the equities market to the downside while gold looks to break ahead.
Gold is having a great day today off the worse than expected number of unemployment claims in the US. However, based on gold's performance the past couple months, these runs to the upside usually end up in a state of consolidation and then a return to lows. I think that jobless claim fears will likely subside going into the weekend and next week as this might be a signal for the Fed to keep doing their $120 billion in asset purchases every month.
Gold broke out above heavy resistance on the 1D chart, but it will have to sustain itself above this level for it to be bullish otherwise we could be looking at a false breakout. There is also a month long falling trend line in the way that could reject the metal's momentum if it hits. To see whether gold looks promising or not would probably be to watch for price to break above this trend line and stay above it for the day.
10/26/2021 A string of articles have come out recently that will make you consider crypto and the potential around the emerging industry. Here are a few article headlines that I will summarize and explain why this is really important to the market as a whole. Tesla May Restart Crypto Transactions Again Several months ago, Tesla […]
Today I'll share some economic analysis on the CPI report and what to look for in order to tell if inflation will get worse. Lastly, I'll cover some ways that you can make an investment play on inflation. September CPI Report The Consumer Price Index report for September 2021 was published on October 12, 2021. […]
10/25/2021 Gold and crypto pairs have been on a tear recently due to several factors and one of them being inflation. Some analysts are calling for a prolonged run in demand for the precious metal and a $3000 per oz price in under a year. Our outlook I think that gold has been due for […]