Gold has many resistances to work through just above its current price.
The bubble phase from the slingshot move which got everyone on the bearish boat.
FOMC meeting underway today and Wednesday. The gold bias remains down, but not doing a lot.
Global holdings in silver-backed ETFs hit the highest ever on Wednesday, according to Bloomberg calculations. The iShares Silver Trust took in half a billion dollars in inflows on Tuesday, the biggest inflows in seven years.
Technical chart updates on gold and silver equities.
COT US Dollar Index Report - Positions as of Tuesday, January 19, 2021.
Conspiracy theories are running so rampant right now that the average American doesn’t know what to believe.
Gold ran the stop orders at the start of the week, making a lower-low but with a higher-high. Not in a trend short-term.
Since additional stimulus has not been announced, traders will shift focus to FOMC meet next week.
Once the bubble top is hit, we will see sideways action then a period stagflation and then severe inflation.
