Last quarter’s dazzling record gold prices combined with forecast lower mining costs will catapult unit earnings and Q3 results to astounding levels.
The pattern has been one of lower highs, lower lows if you look at the swing line study.
When we take a look at what the market's doing here, you've entered a downtrend status of lower highs, lower lows.
This is where the cartel really died...they tried multiple times here to drive gold back below $2000, but failed to do it.
A big decline in rates is likely, and it “should” be accompanied with a surge to $3000-$3300 for gold.
So everything's been delayed as I look at it, lower highs, lower lows.
When the Fed finally followed the market in lowering rates, the market made the Fed look even more foolish by starting its decline in bonds the day before the Fed announcement.
So I'm looking for support, I am not looking for gold to fall apart.
Hungary’s central bank has raised its gold reserves, citing the precious metal’s role as a haven amid rising market uncertainty.
Gold was flat on the week—okay, off 0.01%. Given that the US$ Index jumped higher and bond yields rose, that gold remained flat was a positive sign.
