Following on from last week’s chart, (see link below), the precious metal ranged for most of the week between 1900 and 1960, breaking 1960 on Thursday moving along my right hand fork of my trend line, resting at 1965. With the Federal Reserve pushing for average inflation, bolstered by improved consumer spending I can see gold still breaking new highs as the USD is push weaker by various global issues. The great resistance 2011, will soon become support pushing the yellow metal further north, as seen on my pervious chart, I had a pull back to the 1700 area, this no long stands as Federal Reserve Chairman Jerome Powell unveiled the central bank’s updated monetary policy strategy “that will seek to achieve inflation that averages 2 percent over time” and extraordinary fiscal stimulus have buoyed precious metal prices and seemingly created the perfect environment for non-yielding assets to outperform., (ref: dailyfx).
I see an initial drop on opening to the 1935 area, before starting the climb, breaking 2011, then pushing further north
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I see an initial drop on opening to the 1935 area, before starting the climb, breaking 2011, then pushing further north
If you have found this analysis helpful please Like
Feel free to message me for discussion on Gold
