AUD down 5% in the month Gold down 1-2%. So gold in AUD terms actually up on the month though all Aussie goldies getting hammered...go figure.IMO Gold has pretty strong support at 1770, but AUD has broken support at 0.71 AUDUSD. IMO bottom is around here for gold but AUD to decline further probably to 0.69 flat. If gold closes the week well below 1770 then we are in trouble and could decline substantially further. Everytime gold is breaking out Powel comes on tv to manipulate the market. He is on TV multiple times a week. I have never seen a chair act like that. Gold and oil are enemies number 1 and 2 as far as the FED and government are concerned forget debt, forget covid its gold and oil. When they breakout it exposes the problems in the economy. For example when oil was hitting 80 was only then they admitted inflation was an issue and probably forced their had to taper. When gold went up instead of down when they said they had started tapering it was only then that they started saying they will bring forward interest rates increases, but what increases 0.1, 0.25% will be meaningless and they are telegraphing it 6 months to 1 year out, just to keep a lid on gold.
RRL Price at posting:
$1.68 Sentiment: Hold Disclosure: Held
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