Metal markets struggling. Silver acting terrible. Copper, I would be on my toes here. Gold on the monthly charts shows the price breaching above the weekly Bollinger bands, starting to open..
Gold Rebounds & Junior Miners Surge
Technical chart updates on $GOEX, $NUGT, $GDXJ, $NEM and more.
The general market rallies have trouble holding. Gold back to key supports. 100 day moving average support and Bollinger band supports converging, market is oversold, short covering bidding:
The bloodbath phase in the Euro, usually last 5-7 days, so a top in the US Dollar as early as by the end of this week. Implications for the metals and a lot sooner ending to the sell-off in gold/silver stocks.
How might that impact what the Fed will do and say? What if this leads the Fed to hike just 50 basis points and Powell's press conference is deemed "surprisingly dovish"?
Investors should never cheer for a gold price pullback any more than cheering to get punched in the face in a boxing ring, but it happens. In terms of the fundamentals, the long-term picture is pristine.
