Kitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
Rarely do I pick bottoms, and if one of our clients calls in and asks, I generally tell them that I am a commodities broker, not a proctologist. The problem with picking bottoms and tops in the markets is that often you will be wrong 9 out of 10 times. Sure, the one time you are correct, you get bragging rights at the next cocktail party, but unless you went big on the trade, you will probably lose in the long run.
Precious Metals reversed sharply on Thursday and Friday, led by the results of the ECB meeting where policymakers increased interest rates for the 10th consecutive time. They cited rising inflation forecasts stretching out into 2024 while, under the same breath, indicating that economic growth may contract. That particular environment of rising inflation and declining growth, also known as "Stagflation" historically, is one of the best circumstances for higher Gold prices.
We have recently updated our "5-Step Technical Analysis Guide," which will provide you with all the Technical analysis steps to create an actionable plan used as a foundation for entering and exiting the market. You can request yours here: New 5-Step Technical Analysis Guide.Gold futures sharply reversed this week despite higher Treasury Yields and a stronger U.S. Dollar. The technical perspective shows momentum studies rising from oversold territory, giving the edge to the bulls.
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