Gold ... Intermediate Term Bottom ??

11 พ.ค. 2022

With today's US CPI numbers out of the way and a modest degree of stabilization in equity markets, Gold appears to have made a short term bottom.

This is the third touch of a six month trendline.

We add to this a bullish harmonic Gartley pattern which appears to have formed. (This includes a solid AB=CD subset.)

We need IMHO another ingredient. A weaker USD which I measure by the DXY index.

Not only do we need this in ]absolute but also in Gold relative terms

For illustration I have included as an insert a Gold/DXY ratio chart on the same 4 hour time frame as the base chart.

With these conditions in play we look for a stabilizing and then an appreciating Gold price from here.


This is educational not investment advice.

Do your own due diligence while watching the bigger picture and review world events as they evolve around you.

This can be a fast and volatile market.

Good Luck and thanks for reading.

Hopefully you found it this useful.

S.

11 พ.ค. 2022

บันทึก

Readers should know that we have a US PPI release tomorrow (8:30 EDT) which should either confirm or obfuscate the above analysis....