Gold price was pushed higher by Powell and the Dollar (DXY)
The DXY has formed a head shoulders and is breaking down which will push gold Price higher.
The gold chart is bullish and and will challenge the 1835 and if it clears that areas will run to 1875.
We have the DXY in bear market and this will support the price of Gold, if DXY drops to .91 would assume gold 1875.
The second point is Powell and inflation....
Inflation running at +3.6 is high and would support gold at 1900, if it continues to remain above +3 or goes higher I would expect money managers to seek protection with alternatives. Likely Gold and Silver.
The 3rd point
Money managers are concerned they know the market is extended and have relied on excess money in system. The only excess money supply available is the 3.5 B bill in Congress. We are at a tipping point for the money managers that control Billions. Any news will push them into protective mode.
Watch closely, in the next 3 months the story could change quickly.
The DXY has formed a head shoulders and is breaking down which will push gold Price higher.
The gold chart is bullish and and will challenge the 1835 and if it clears that areas will run to 1875.
We have the DXY in bear market and this will support the price of Gold, if DXY drops to .91 would assume gold 1875.
The second point is Powell and inflation....
Inflation running at +3.6 is high and would support gold at 1900, if it continues to remain above +3 or goes higher I would expect money managers to seek protection with alternatives. Likely Gold and Silver.
The 3rd point
Money managers are concerned they know the market is extended and have relied on excess money in system. The only excess money supply available is the 3.5 B bill in Congress. We are at a tipping point for the money managers that control Billions. Any news will push them into protective mode.
Watch closely, in the next 3 months the story could change quickly.
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