RE:Technical Analysis: Gold Is Building Solid Support Wrapping up
“Last month discussed how the down move looked to have run its course. The recent data confirms this and a healthy bottoming pattern has taken hold. The sideways action can be frustrating but is also healthy. It builds a base on which to launch from.”
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“It’s hard to think how the Fed will get more hawkish in the months ahead. Even if inflation continues surprising to the upside, other economic indicators like jobs and GDP are already flashing recession. Rising rates are wreaking havoc across the housing market and the Federal debt market.
The market will soon find out that the Fed has a lot more bark than bite. When this happens, gold will blast through several overhead resistance zones and find a new range probably north of $2,000.
Of course, the Fed could always stick to its guns and keep hiking rates to rein in inflation. In this scenario, every market on Earth could start to implode. Potentially deflationary, but having physical metal is still insurance against such an event.”
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https://seekingalpha.com/article/4520654-technical-analysis-gold-is-building-solid-support