Gold update 11.05
I have marked a bearish bias for today, but the direction is not clear. All markets are in a range, so it is very possible that gold will form a range day.
I am more bearish on gold, because yesterday's CPI reading was bullish for gold and it could not go up - showing weakness.
Gold is in an uptrend, ranging around 2070, most likely to accumulate another bullish impulse. Macroeconomic data is currently supporting the bullish moves.
GDX
GDX is still very bullish for me.
Yields
Yields are ranging, but as I said, yesterday's CPI reading was bullish for gold and bearish for yields.
Yields had a big bearish day yesterday.
Silver
Silver was heavily manipulated to the downside yesterday. I am not sure how far it will fall, but I would be very cautious if the price reach the marked area.
I am more bearish on gold, because yesterday's CPI reading was bullish for gold and it could not go up - showing weakness.
Gold is in an uptrend, ranging around 2070, most likely to accumulate another bullish impulse. Macroeconomic data is currently supporting the bullish moves.
GDX
GDX is still very bullish for me.
Yields
Yields are ranging, but as I said, yesterday's CPI reading was bullish for gold and bearish for yields.
Yields had a big bearish day yesterday.
Silver
Silver was heavily manipulated to the downside yesterday. I am not sure how far it will fall, but I would be very cautious if the price reach the marked area.
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