Conspiracy theories are running so rampant right now that the average American doesn’t know what to believe.
Gold ran the stop orders at the start of the week, making a lower-low but with a higher-high. Not in a trend short-term.
Since additional stimulus has not been announced, traders will shift focus to FOMC meet next week.
Once the bubble top is hit, we will see sideways action then a period stagflation and then severe inflation.
Gold is near a series of resistances. The bigger question, did gold hit the bottom of this correction?
Silver, copper, palladium and rhodium should be very bullish in the long term due to environment protection measures implemented by Biden.
Gold market has down bias. $1,871.90 is the 18-week moving average. Other key moving averages just above.
The stock market looks ready for a pullback. This, while gold looks like the foundation is being laid for another $200/ounce rally, with $300-$600/ounce in gains in just a few months of time… becoming a strong possibility.
Precious metals are ready to complete their daily cycle lows, gold tested a major support zone near $1,800 on Sunday evening & looks like it could swing higher.
Newmont, the world’s largest gold producer, announced a $1 billion share repurchase plan for a second year.