Pleasing morning commentary from Angus Geddes - gold break out imminent & all that follows re gold equites:
The US dollar reacted and put in the biggest decline since March 2020 on the prospects that peak inflation is now behind the markets. The key question now is whether “reign of King Dollar” is now finally over? The weaker greenback provided the impetus for a significant rally in commodities, precious metals, and oil and mining shares around the world. Investor hopes were again reignited that the US Federal Reserve might ease up on monetary policy tightening.
The US dollar is a key force in financial markets and now needs to be watched closely for signs of a major top being in. If the US dollar were to descend further, we can expect commodities to sustain a major rally. I am expecting a coming breakout in gold above the 50-day moving average and downtrend resistance. A weakening greenback would likely hold the key here. Gold shares which are very depressed in terms of valuation have likely seen their lows and I expect a strong recovery to now ensue
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Pleasing morning commentary from Angus Geddes - gold break out...
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