Gold is doing fairly poorly in its own right, but potentially bottoming vs. ‘inflation expectations’ (which are a key Fed consideration)
The gold price (futures) is in a potential ‘W’ bottom posture in relation to the ETF (RINF) dreamed up to reflect inflation expectations. There is a long way to go to signal a new anti-inflationary phase upon the macro, but with the inflation headlines still vigorous and anti-inflation signals gathering aplenty, this looks like another warning signal in the making.
The major daily trend is still down, but that does not mean it can’t change. Change, as they say, has to start somewhere.
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