Markets looking ripe for a reversal right now, and the safe-haven commodity is about to get dumped hard here. Gold retraced perfectly back to the long-term neckline of the head and shoulders it broke over the summer, and is about to plummet from here, confirming more deflationary action in the markets. Perfect retest after a break, and I don't see the fundamental backdrop that will make gold an attractive commodity.
For whatever it's worth, gold is naturally an attractive commodity when inflation is getting away from the fed. That is literally the opposite situation right now, where the Fed is tightening into a slowdown, just as the Europeans are doing. There are a lot of other fundamental issues here as well, but Gold is not a good safe haven asset, and it will be treated as such soon.
For whatever it's worth, gold is naturally an attractive commodity when inflation is getting away from the fed. That is literally the opposite situation right now, where the Fed is tightening into a slowdown, just as the Europeans are doing. There are a lot of other fundamental issues here as well, but Gold is not a good safe haven asset, and it will be treated as such soon.