Gold looks weak against US dollar
While against other major and emerging currencies is near the highs, gold against the dollar shows a double fake breakout against 2011 high and a double top with momentum weakening and show itself a topping H&S pattern.
As everyone, including myself, awaits the breakout of this giant C&H pattern, from 2011 highs to 2015 lows, I'm very much afraid that possible will see lower prices first to shake out the weak hands first.
A monthly close below $1750 will give short signal for the intermediate future.
Gold looks like has priced in the current inflation first wave and signaling a probable recession outcome near term along with some geopolitical long tails.
As everyone, including myself, awaits the breakout of this giant C&H pattern, from 2011 highs to 2015 lows, I'm very much afraid that possible will see lower prices first to shake out the weak hands first.
A monthly close below $1750 will give short signal for the intermediate future.
Gold looks like has priced in the current inflation first wave and signaling a probable recession outcome near term along with some geopolitical long tails.
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