Gold trips the parabolic flip and tumbles into the support strip
Yes, Gold's key weekly parabolic trend as anticipated has flipped to Short, but with underlying support for a safe haven port. We'll get to that, but we're really compelled to begin with this:
As for Gold's foreseen falling saga as you regular readers know such writing has been on the wall. For four missives back we penned "...Gold is 105 points above the [smooth valuation] line. Thus a"test" of those 1800s may be nigh..." The yellow metal having settled that week ending 20 January at 1928, price has since dumped as much as -100 points toward closing yesterday at 1851.
Can weekly Parabolic Short trends themselves be short-lived? Absolutely! Of the 46 prior Short trends century-to-date, 10 have lasted just five or less weeks. Hopefully this latest foray shall also be of short-duration, especially should the support zone hold and other 3D fears unfold. . 'Course, our FinMedia friends are all amped up that -- measured annually -- inflation is slowing, indeed DJNW printing that "Annual inflation cooled for the seventh straight month". But shall those January leaps rule out an eighth month of cooling? To be sure, FedHeads are heating! And there's 22 trading days of teeth grinding until the Federal Open Market Committee's next Policy Statement come 22 March. With the current FedFunds target range at 4.50%-4.
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