Is gold’s long-awaited surge to $3000 an ounce finally underway? Are all the traffic lights green?
Chris Wood, global head of equity strategy at Jefferies, has upped his allocation to 10% from 5% for Bitcoin at the expense of gold bullion in his recent Greed and Fear report.
A major bottom formed in gold? Pros will buy gold pullbacks now. $1,838.80 is the upper resistance on the weekly Bollinger.
Gold miners have been fundamentally impaired by the inflationary macro as costs (energy, materials, humans) have outpaced product (gold) for well over a year.
Positions as of 2 November, 2021
Gold market is not an easy market to make money in. Up a little, down a little. Almost impossible to make sustainable gains right now. Virtually impossible to time the tops and bottoms during this churning stage.
$1,756 area support for gold on pullbacks. Trend and bias down, not in an oversold condition.
Interest rate hike expectation by the Federal Reserve will be key theme for global financial markets till Easter of 2022.
US October private ADP jobs number (before FOMC meets today) can have a far bigger impact than taper in precious metals market.
Friday's action indicates that the market has inside information that the Fed is going to taper? The attack of gold on Friday was a warning sign..