The Dollar soared again and oil moving too. Gold has a nice bullish set-ups, but a break brings $1,683 area into support. $1,738.80 next upside moving average..
Physical demand is high in Asia for both precious metals and base metals. Whether this demand is cyclical or sustainable, we will come to know only by the middle of November.
A "let's pause" days in markets. Two job reports coming out which the markets need to digest and figure out what the Fed will do next. The Fed will not stop raising rates..
And, to this end, the next rally in the market will likely tell us if a major long-term bear market has indeed begun earlier than I had expected, or if we have one more rally to be seen to new all-time highs before..
Despite a 75-basis point interest rate hike by the Fed last week and a surging U.S. dollar, there are other factors emerging that support gold. The Bank of Japan spent $19.7 billion..
The precious metals complex is in a positive risk/reward situation, but that is different from a situation imminently ready to resume a bull market. It’s a process. A long and grinding one.
