Gold Pullback - Too Fast, Too Hard

#gold #forex #money #economy #inflation #devaluation

As indicated in my 24 Jun post #gold pulled back to the USD 3,250 level. In Australia this was exacerbated by the increasing strength of the AUD against USD seeing #gold spot run slightly under AUD 5,000.

Sidenote … the AUD, which in my opinion is also weakening, increasing against the USD, suggest that the present US Administration is managing to weaken the USD against other currencies. I believe this was, and remains, the intention of the new administration. An interesting scenario of slowly devaluing a currency (USD) while it is also being debased within the country.

Turning back to #gold , although offering a buying opportunity the pullback was too hard and too fast so I expect a corrective upwards swing to appear within a few days.

Good buying now - confirmation of a return to upward movement is likely at USD 3,415 with initial positive signs after USD 3,375.