I do not believe in chart patterns for trading off of. The swing lines in gold shows that there is no trend. Difficult sideways..
The market is telling us a story. It is not too scared, yet, of inflation.
Gold another failed move. All eyes on the CPI numbers.
The world’s second largest consuming gold country imported a record 321 tonnes in the first quarter, up from 124 tonnes a year ago.
Bubbles, inflation are the buzzwords being tossed around by many. Are we in a bubble? Some evidence suggests we are.
So, while I retain a bullish bias for the market as we head towards the fall of 2021, I still have to be aware of the potential risks for draw down
Gold at its 18-month weekly average. $1,798.30 resistance on a rally. Oversold market.
If Consumer price index rises on Tuesday, then gold will easily break past $1760 resistance.
Positions as of Tuesday, April 6, 2021.
Gold is in the area of challenge. Can it close higher and change the trend?
