Gold served its purpose as an inflation hedge as investors piled into the metal after reports surfaced that Trump may fire Fed Chair Jerome Powell to force interest rate cuts.
It looks like all of wave $v$ of *iii* ended at the 3167.70 high, wave *iv* at the 2956.90 low and wave *v*, at the 3500.30 high, to complete all of wave -iii-.
Gold would be the “money” anchor of this new macro, along with, to a lesser degree, silver, which makes up for its less “moneyness” with much more widely used industrial utility than gold.
With present price (3356) now -93 points below the Short-to-Long price (3449), an ensuing firm week for Gold can flip the trend en route toward another All-Time High, (which presently remains 3510 from back on 22 April). “Get Gold!”
Gold miners’ stocks are priming to run, readying to resume powering higher with their metal. Despite gold’s weak summer-doldrums seasonals, gold stocks have enjoyed a stronger summer.
If the gold market continues to break, it could go to the $3264 level, about $80 lower, but it has upside bias as long as it's over the 18-week average of closes.
