The debt ceiling is saved – at least until December. Evergrande is over – well probably not. An energy crunch is coming – quite likely. The U.S. job numbers are showing a weakening economy – certainly appears that way.
For permabears who have waited patiently for a fitting climax to the most most insane bull market of them all, it would be like finding a WaWa Market at the top of a Himalayan peak they'd almost died scaling.
A big picture look at Gold. Gold's 8-year cycle was likely hit last year and the next cycle will bottom sooner, looking for late 2022. We are in a nasty sideways ..
If government subsidies have ended, the $300/check per person and Christmas season is coming, then we should see people looking for jobs. Gold remains stuck here, not trending.
The US stock market continues to struggle, and the miners look ready for a major rally. Oil is making a beeline towards my $100 round number target, but I expect to see a price of $200 ...
$1,790.10 is the 18 week moving average for gold and remains a difficult resistance. Gold needs to hold $1,747.70 to hold bullish uptrend in the short-term charts.
