Russia & China against USA – Geopolitical risk highest “in four decades” should push gold higher – ... safe haven allocated and segregated gold The geopolitical case for gold investment has been emboldened due to heightened and ex...
Russia strikes back after fighter jet downed, pilot killed
WW3 has been a long time setup...that's my 2 cents. The whole common folk world is blind to it for the most part. by ChannelTrader let us pray for peace, Amen - TIA Father GOD -
On gold's 6-month chart, however, we can see that it has had a nice run in recent weeks that has resulted in it becoming rather extended, and with sentiment readings now very bullish, we should not be surprised to see a modest pullback that would probably be occasioned by a relief rally in the dollar to alleviate its oversold condition. We can use any such pullback to do additional buying, especially of gold and silver stocks.
Kitco NewsShare this article: Gold Begins The Week With Gains As All Eyes Turn To Powell (Kitco News) - Gold prices rose in Asian trading on Monday following a decline of more than 1% last week, as traders turned their attention to Federal Reserve chair Jerome Powell’s upcoming testimony.
April Comex gold futures advanced to $1,338.70, up 0.63% on the day, while the U.S. dollar index declined to 89.72, down 0.27% on the day.
Powell’s semi-annual testimony in front of U.S. Congress will begin on Tuesday and traders are ready to start picking apart the Fed chair’s comments for any potential clues in terms of future pace of U.S. monetary tightening.
But, analysts project to see largely the same policy outlook as established by the former Fed chair Janet Yellen.
“We expect Powell to signal policy continuity in the near term and acknowledge the near-term growth effects of fiscal policy and the longer-term deficit and debt implications. He will also likely be asked about recent changes in financial conditions and the risks they pose to the outlook,” analysts at Nomura said in a note published on Friday.
Here Is Why Gold Bulls Should Be Eyeing $1,375 Level
Many experts are wondering why gold hasn’t broken out yet, especially in light of rising inflation fears, but one analyst says the $1,375 level is what it’s all about.
The key resistance this year has been the $1,375 target, said Matt Maley, equity strategist at Miller Tabak, adding that gold has been testing this level during the last couple of years, but was unable to successfully breach it.
“The $1,375 mark was the metal's highs from both 2016 and 2017, so a break above that line would give gold a technically significant ‘higher high’,” he wrote in a CNBC post published on Friday.
Another aspect of the $1,375 level is that it forms the “top line in ‘an ascending triangle’ pattern.” And if that formation finally breaks on an upside, a very bullish technical momentum will be triggered, Maley said.
“Of course, we always have to wait for an actual break of this key resistance level before we can declare anything. Still, investors should consider that any meaningful break above $1,375 would confirm that the multiyear downtrend has reversed,” he added.
Note .... The gold bull market in the 1970s and 1980s happened even as the Fed tested record-high interest rates. The yield on the 30-year Treasury bond rallied sharply during the late 1970s, eventually topping 15% in 1981. Gold rallied from about $100 per ounce in 1976 to over $850 per ounce in 1980.
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