I am bullish on Gold and waiting for US UoM Consumer Confidence for possible Sell Off in Gold (If Number is very good!).
Comment:
Whether this is a bull trap in the bigger picture depends on 5y 5y inflation expectations and Fed's willingness to raise rates, so keep a look at those 2 things. Fed members said they wanna wait for maximum employment, which they get through increased inflation, however too high inflation might make this goal unreachable for the Fed and force them to increase rates earlier than they've stated previously. This would cause a huge sell off in Gold.
Comment:
*And a sharp rise in the DXY.
Comment:
wait for pullback, then enter short. we are playing risk on again