Russia announced it will eliminate the dollar from its oil fund to reduce its vulnerability to Western sanctions. The news comes just weeks before Putin and President Biden are scheduled to meet at an upcoming summit.
Gold and the precious metals are at a crossroad. We either burst higher or we could fail here. Odds continue to favour the upside. Oil prices have broken out to new highs and prints over $70 could soon come.
Gold was over-extended on the daily cycles, entered into the daily cycle correction yesterday. There will be some buyers today, but they will be too early.
