Gold got that breakout - now what?
Big morning for Gold prices after CPI was released. CPI printed at an annualized 6.2% for the month of October, the highest read since 1990. But, just last week Powell refused to even entertain the topic of rate hikes, instead saying that the bank was driving for maximum employment.
Rates are up slightly but given the higher inflation + dovish Fed, Gold has popped beyond a really big spot of resistance at 1834
More importantly: Now what?
Given the driver + the scope of the move, there is continuation potential. Will likely need continued dovishness from the FOMC though as rate hike talk prods the USD and has, of recent, been a negative for Gold.
But, keep in mind, there have been multiple bullish breakouts since Gold topped last August (when US rates bottomed). So nothing is confirmed yet and this thing can turn-around.
Line in the sand is 1830-1834.
Rates are up slightly but given the higher inflation + dovish Fed, Gold has popped beyond a really big spot of resistance at 1834
More importantly: Now what?
Given the driver + the scope of the move, there is continuation potential. Will likely need continued dovishness from the FOMC though as rate hike talk prods the USD and has, of recent, been a negative for Gold.
But, keep in mind, there have been multiple bullish breakouts since Gold topped last August (when US rates bottomed). So nothing is confirmed yet and this thing can turn-around.
Line in the sand is 1830-1834.
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