The smartest thing you (traders) can do in gold right now, which is oversold, is sideline yourself for a day or so.
An all important jobs report coming out on Friday..
A dip to $1815 now would be just what the “technical analysis doctor” ordered, to create an inverse H&S pattern right shoulder… and a post-report rally to $1885.
Interest rates are still rising and the Fed meets March 21-22 where another rate hike is assured. But will it be 25 bp or 50 bp? All signs continue to point to a recession..
So, while I cannot tell you with certainty that we have begun the rally to 4300+ just yet, I have given you an outline as to what you should be looking for in the coming week or two.
Most companies under coverage are assuming inflationary pressures seen in 2022 will persist into 2023, but slowly taper off thereafter. Newmont's five-year outlook..
We continue to view the uptrend as a bear-market fake, implying it is incapable of achieving new all-time highs. But it could get close enough to scare the hell out of bears.
