Gold bull market coming to an end! Or not?
Making a bullish case for Gold.
Yesterday's Retail sales numbers came out lower than expected with Retail Sales MoM falling to -1%, import and export prices fell to -0.6 and -0.3 respectively suggesting a cooling in inflation. CPI and PPI came out earlier in the week and also suggested cooling inflation but with yesterday's recent price action we broke through previous support at the 2030-2033 price zone, retested the 2000 price mark and since then have seen a little bit of rejection.
where do we go from here? A push back to the highs or more downside. Personally, I'd lean towards a push back to the highs and even though the Michigan consumer sentiment ticked higher, i feel more signs point towards cooling inflationary pressures and a bullish gold bias and institutional positioning also feel the same way as they are net long on the gold market.
My entry would be at current levels with a stop underneath the support at 1980.
Yesterday's Retail sales numbers came out lower than expected with Retail Sales MoM falling to -1%, import and export prices fell to -0.6 and -0.3 respectively suggesting a cooling in inflation. CPI and PPI came out earlier in the week and also suggested cooling inflation but with yesterday's recent price action we broke through previous support at the 2030-2033 price zone, retested the 2000 price mark and since then have seen a little bit of rejection.
where do we go from here? A push back to the highs or more downside. Personally, I'd lean towards a push back to the highs and even though the Michigan consumer sentiment ticked higher, i feel more signs point towards cooling inflationary pressures and a bullish gold bias and institutional positioning also feel the same way as they are net long on the gold market.
My entry would be at current levels with a stop underneath the support at 1980.
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