Gold Short Term BUY
Gold hit a big support level and rolling fibonacci bands support this level.
If treasury bond yields hit a panic high yesterday,which I think happened we will at least have a slight softening of real interest rates for a while.
banks can easily buy T Bonds with yields at this level and hold them for a while as they are financing at zero rates so they will be buyers for a month or so at least.
Ultimately the FED cannot control rates over 10 years but the market tanked too much in the T bond future.
This does not mean total relief for equities as they are not good if inflation returns and earnings are impaired.
Gold however can still be financed at close to zero and European rates are still below zero for Bunds.
Although this is a short term view,it may also have been a medium term low but right now just in for a trade.
If treasury bond yields hit a panic high yesterday,which I think happened we will at least have a slight softening of real interest rates for a while.
banks can easily buy T Bonds with yields at this level and hold them for a while as they are financing at zero rates so they will be buyers for a month or so at least.
Ultimately the FED cannot control rates over 10 years but the market tanked too much in the T bond future.
This does not mean total relief for equities as they are not good if inflation returns and earnings are impaired.
Gold however can still be financed at close to zero and European rates are still below zero for Bunds.
Although this is a short term view,it may also have been a medium term low but right now just in for a trade.
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