Tuesday’s US inflation report showed that price pressures in America are not abating and that further rate hikes are needed. Get your market update from nickcawley1 here:
The Fed will also be watching the US Treasury 2-10 year yield spread, a closely followed recession indicator. The spread, negative 33 basis points, is 10 basis points away from the multi-year low made on August 8 this year.
The weekly gold chart shows support at just under $1,700/oz. holding sellers at bay for now. A cluster of prior lows all the way down to $1,667/oz. will likely stem any sell-off although this will leave a gap back to the 50% Fibonacci retracement level at $1,618/oz vulnerable. Recent weekly highs at $1,736/oz. and $1,746/oz. should keep a lid on prices in the near term.Retail trader data show 87.77% of traders are net-long with the ratio of traders long to short at 7.18 to 1.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a
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