Investors are eyeing this precious metal after seeing a considerable drop in the USD and stock market. Bond yields rose this morning to as high as the 1.50% yield level again which is now fighting the momentum of gold.
Although gold has been mostly bearish these past couple months, a big technical indicator just got broken which could prove to have some short term momentum. I can't say whether this will last mid-to-long term, but I do think that this week could be bullish for the metal. COT also suggests further bearishness over time as the number of long contracts are decreasing while shorts are getting picked up. So, looking at the next couple days, gold looks like it can still move higher.
Gold has already broken above this falling trend line on the 1D chart and may test resistance around the $1790s. However, price is going to have to close above this falling trend line in order to be a bullish technical indicator. Otherwise, we might just see a daily spike before retesting the lows. A close above this level may also suggest a test up at the 50 DMA or higher into the $1800s.
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 […]