Gold sinks through $2000 as a big week begins
It's inflation week in the United States and that means gold will be a major focus. So far, it's off to a bad start as the gold market digests the strong US jobs report from Friday. It's down $16 to $1992 and has broken through the key psychological $2000 barrier.
In the bigger picture, the level to watch is $2070. It's held in two major challenges on the long term chart. The old adage is that there's no such thing as a triple-top; it's a double top that didn't work and is doomed to failure.
I don't believe that but for the gold market, the key thing right now is that Russia and China appear to be accumulating reserves in a diversification away from US dollars. That could be a major tailwind and it will get an extra push if this week's US CPI and PPI numbers are soft.
This article was written by Adam Button at www.forexlive.com.from Forexlive RSS Breaking News Feed https://ift.tt/70Gxf2d
Analytic Dave
AnalyticalDave is a personal financial analysis portfolio that captures my Derivatives trading, stock, and investing journey. My portfolio does NOT act as a financial advisor to any community. It is only purposed for journaling my story as a self-taught trader and investor.
