Looking for a Gold Bottom

As my last gold posts indicated we still had one more leg down which is playing out now looking for a bottom between $1455 and $1383 I will post an update once we have seen a bottom. The correction on Gold is continuing because it was finishing the overbought correction but after one more leg down we should have enough room to break $1550 resistance and move up to $1600 - $1900.

Last week the fed told the markets there would be pause on interest rate cuts, initially gold sold off on the news but then the fed indicated there would be much more inflation coming and that it wouldn't even consider hiking rates unless inflation got substantially higher. The fed knows the corner it has backed itself into. The US economy is very weak heading into a recession in a year or two. The fed can't fight inflation and hold a recession at bay at the same time. We are in QE to the moon, we will never be able to stop monetizing the debt and fundamentally this is extremely bullish for Gold and other metals. Like my position has been Gold is going to around $5,000 in the next 10 years and Silver to around $100. Metal miners are a good long term buying opportunity because when Gold keeps going up they will follow and go up much more than Gold.