Debt limit deadline looms, will there be a default? Jobs report and CPI data coming up next.
This is where I think Gold will start holding. The 18-week average is where the market should firm up ...
The gold market pattern has changed today. Did you see yesterday's market action in the morning? The short covering spree. Trying to short gold here is a land mine..
The global de-dollarization tidal wave is an issue separate from the US debt problem, but it will make the debt harder to expand and service, since there will be less demand for dollars.
Gold got a bit of bid while the dollar was firm and rates rising, gold finding some traction here. Gold's support at the $1,952 area... this is a short covering zone for bears.
As of this point in time, I cannot provide any clear guidance as to which path the market will take in the last half of 2023. I simply will have wait until the market provides clarity based upon the structure of the next decline towards 3700-3900SPX.
