Hotter-than-expected PPI figures on Friday added to stubborn CPI data on Tuesday, setting up the dollar for a positive week. Weekly and daily charts conflict for gold and silver
Yields and the dollar have rallied this year as the US economy continues to advance at a decent pace, beating expectations despite the constraints of high interest rates. USgrew at a rate of 4.9% in Q3 and 3.3% in Q4 with both figures smashing estimates. The Atlanta Fed’s ‘GDPNow’ forecast sees Q1 2024 GDP at 2.9% based off current data. The figure may represent a downgrade from the final quarter of last year but represents a strong base for another potential upward surprise.
The pattern attracts greater conviction at the bottom or a mature downtrend but still provides a valuable signal that bearish momentum was halted abruptly, followed by early signs of a move higher. The pattern also found support at $1985 before reversing higher.of the 2021 to 2022 major decline highlighted as the solid red line . As the week draws to a close, prices have attempted once again to close below this key level but without success.
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