Gold markets have rallied to close out the week on Friday as we continue to trade in a channel.
While most people are aware of the negative correlation between the US dollar and gold, the reality is that they can move in the same direction. The 1980s saw that for years. The economic situation that we are in right now is very similar to that, so gold may be thought of as an anti-US dollar play. Because of this, I think you got a situation where both the US dollar and Ingold will continue to rise into 2023, but I also recognize that this week will be very thin.
If we do fall from here, we could drop all the way down to the $1700 level again. On the other hand, if we were to turn around and take out the highest that we made earlier last week, then it opens the possibility of a move to the $1875 level., Which of course will attract a certain amount of attention.is starting to cross that area, creating the “golden cross” indicator that a lot of longer-term traders have seen the light of.
It typically happens far too late to be useful, but it is something to be aware of. In this environment, I’m looking for value and I certainly don’t have any interest in
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