Gold prices are consolidating after struggling to break above the $2,400 to $2,440 resistance zone, with March & April breakouts still valid. Spot gold fell 2% to a two-week low, with Russell 2000 also down 1.5%. At $2,314, gold is on track for its worst 2-day decline since August 2021. The market is waiting for signs of an economic slowdown before gold prices may see significant movement.
So until we get real signs of a slowdown (especially jobs), gold will chop around.
Gold has been going nowhere ever since the bets on rate cuts have fallen and the economy holding up. That's why it dropped yesterday on weekly claims. Gold is not an inflation hedge, it's a bet that inflation will cause Feds to induce a slowdown and yields drop. Like bonds it's…
Gold has been going nowhere ever since the bets on rate cuts have fallen and the economy holding up. That's why it dropped yesterday on weekly claims. Gold is not an inflation hedge, it's a bet that inflation will cause Feds to induce a slowdown and yields drop. Gold like bonds…
Gold has been going nowhere ever since the bets on rate cuts have fallen and the economy holding up (enough). Gold is not an inflation hedge, it's a bet that inflation will cause Feds to induce a slowdown and yields drop. Gold like bonds is forward looking.
At $2,314, gold is on pace for its worst 2-day decline since August 2021.
Spot Gold Down 2%
SPOT GOLD DOWN 2%
Spot Gold Falls 2% to Two Week Low
Russell 2000 Falls to Two Week Low, Last Down 1.5%
After struggling to break above its $2,400 to $2,440 resistance zone, gold is heading for a bit more consolidation on the daily timeframe. The March & April breakouts are still valid; gold is just pausing for now. I'm using this time to continue accumulating. $GLD $XAUUSD https://t.co/yHdwu7CdL0