QE Tapering Delay Can Support Gold #Elliottwave
Fed's Kaplan noted that they are watching Delta variant, and says he may need to adjust view regarding tapering. This is very important for speculators who were recently betting on the USD as this can limit the USD strenght if it proves correct.
In such situation traders may turn back to gold where price recovered back to $1800 and even erased all of the losses after the crash from a two weeks back. Rally, in fact, is in five waves which is very bullish for metal. At the same time, we are looking at the TLT as confirmation regarding lower US yeilds/higher notes, while DXY can be trading at resistance of a three wave rally up from January.
Take care,
Grega
In such situation traders may turn back to gold where price recovered back to $1800 and even erased all of the losses after the crash from a two weeks back. Rally, in fact, is in five waves which is very bullish for metal. At the same time, we are looking at the TLT as confirmation regarding lower US yeilds/higher notes, while DXY can be trading at resistance of a three wave rally up from January.
Take care,
Grega
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