Gold Prices
Report on GoldGold prices caught another bid on Wednesday and $950 per oz. and higher remains at risk. Not really favored, but this is looking like a bull flag/triangle breakout building. Rising trendline res. is at the $950/955 per oz. area, and sustained pressure through this would leave $1000 per oz. and higher to play for. With inflation in the US picking up and the Fed unlikely to raise rates anytime soon, gold bugs will be having a field day as they will be thinking that CB’s are giving up on their inflation fighting mandates. Watch support at the $937/930 zone now, then $910 ahead of $870. The trend is up, the market looks squeezed here, see if upticks find new buyers above $950 or if sellers step up…
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