For now, just be aware that there continue to be malevolent forces that manage and manipulate the COMEX gold price, primarily for their own profit. This monthly TAS abuse is simply the latest weapon they've put in their arsenal.
On the daily chart of gold we note that our ‘best’ downside support target of 1830 was taken out. We had an extensive update on gold with daily through long-term views, and the relic ain’t dead yet.
That’s an ominous note for inflation. It means consumer prices could stay higher for longer as companies try to recover their own higher costs and lost profits.
Western sanctions against Russia, as punishment for its invasion of Ukraine, have left us pondering the fate of the dollar, which comprises 16% of Russia’s foreign reserves, and the future of the monetary system as a whole.
