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Re: DiscoverGold post# 45917

Thursday, 09/29/2022 6:41:22 AM

Thursday, September 29, 2022 6:41:22 AM

Post# of 54865
Gold Pinned Above $1,650, But Recovery Stalls as Dollar Steadies

By Ambar Warrick

Investing.com-- Gold prices fell slightly on Thursday after recovering sharply from multi-year lows, as markets remained wary of another resurgence in the dollar and Treasury yields.

Spot gold prices fell 0.3% to $1,655.86 an ounce, while gold futures fell 0.3% to $1,664.35 an ounce by 19:35 ET (23:35 GMT). Both instruments surged nearly 2% on Wednesday, logging their best day in two months.

An easing dollar and Treasury yields came as a major boost to metal markets on Wednesday, with the greenback retreating sharply from a 20-year high, while 10-year U.S. Treasury yields fell from a 12-year peak.
https://finance.yahoo.com/news/gold-pinned-above-1-650-201031215.html

Does look like the $ may have topped.

https://finviz.com/futures_charts.ashx?p=d1&t=DX

MAYBE there's a hint that we'll see some stabilization but I have my doubts that the almost 1000 point intraday volatility is coming to an end anytime soon. What Erin didn't mention in the article you posted was the action of the VIX back in the bear market of 2020. Take a look at the weekly...
https://finviz.com/futures_charts.ashx?t=VX&p=w1
and then back to our current daily...
https://finviz.com/futures_charts.ashx?t=VX&p=d1 One could say that this is just the start of a cup and handle forming before the major volatility takes shape. While we can see the DJIA move 1000 points during the day, it may close in either direction. I don't think the bears are even close to heading into hibernation. The next few weeks should be very interesting.


Do your research! Play the TA. All posts are my opinion.
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