Friday’s more hawkish tone from the Fed’s Jackson Hole meeting took the edge off of a relatively good week in gold.
The bear market is not over. This week's drop may portend the start of the dreaded C wave to the downside. We look at previous bear markets since the Great Depression and note how the patterns are similar.
Whatever you think about the Fed, a far more important concern is whether Friday's thousand-point avalanche in the Dow ended what has so far been a tedious, garden-variety bear-market rally.
I have been doing this for many years and I can tell you, I am afraid of days like Friday. There is no way to know what we are going into on Monday. Nothing friendly on the Gold chart.
Momentum and technical are bearish for gold. Every central banker in Jackson hole has said that slowdown and even recession is needed to bring down inflation.
Then came this from a survey by PricewaterhouseCoopers that some 50% of Stateside companies are poised to cut jobs. Uh-oh. Further, as stated by Foxy: "The survey comes amid...
Positions as of 23 August, 2022
It is Fed hour today in Jackson's Hole. 5:30pm GMT today. Gold is playing within the bands..
Powell has been overhyped. Big bets have been placed today on both sides in every asset class. There can be some burst moves..
The gold price hit the bollinger band support and is bouncing towards the 18 day moving average: