Gold Looking Bullish After Inflation Data Released at the End of Last Week
After the inflation data was released at the end of last week the US dollar and gold rallied hard. $Powershares Exchange Traded Fd Tst Db Us Dollar Index Bullish Fund Etf(UUP.US$ $SPDR Gold ETF(GLD.US$
The bounce in gold is happening right on que as gold futures have been hovering above a long term support waiting to bounce to new highs in this high inflationary environment. After all gold and the US dollar can be used as a safe haven during high inflation.
The bounce in gold is happening right on que as gold futures have been hovering above a long term support waiting to bounce to new highs in this high inflationary environment. After all gold and the US dollar can be used as a safe haven during high inflation.
Below you can see the technicals for gold futures. The outlook is bullish technically and macro economically. The inflation reading last week sent gold upwards possibly breaking out above the short term downward trending resistance next week. This is following a bounce off of a long term support zone that has kept gold from breaking down to new lows. The large volume spike at the end of last week looks very bullish with this technical setup. I can see the price rising to 2000 at least before we will hear any other major news catalyst that will cause a reversal back into the long term range or a breakout to new all time highs.
So lets get a quick sentiment check. How many of you believe gold will make new all time highs because of sky rocketing inflation? And how many of you think the gold futures as well as inflation have already peaked temporarily for the foreseeable future?
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Dons hobby : Spyder are you in Redbox ? What the hell is going on with this do you know ? Am I wrong this is a kiosk movie rental company ? Is there some other type of income streams or is the $2 movie rental business really that good ?
SpyderCallOP Dons hobby: they started a streaming service a while ago when the streaming craze was at its peak in the markets. They should get a little revenue off of that.
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Dons hobby Dons hobby: Crypto is getting it's ass kicked
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Dons hobby : Which we all know I'm not lol YET
SpyderCallOP Dons hobby: yes chart reading is a good start. it just takes a little practice. You can learn for sure after much repetition
Dons hobby SpyderCallOP: Repetition the building block of knowledge
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