Gold
Report on GoldGold prices consolidated on Friday, but the underlying trend remains bullish with risk for a sustained break above $950 per oz. still building. $1000 per oz. targets remain in place for many gold bugs, with the uptick in inflation in the US while the Fed is cutting rates underlying their view that central banks have abandoned their inflation fighting mandates and that fiat money may become worthless. Hmmm… While this risk is clearly there, favoring pullbacks to $910 per oz (rising support line of the ascending wedge) if the $950/955 per oz area can continue to draw out sellers. A sustained push above the latter would break the top of the rising wedge and add more momentum to upside plays…
