Gold up $1 today
Gold jumped on Thursday to hit a multi-year high only to give it all back a day later. The jump came on 50 bps cut talk from Williams, which the Fed later denied.
The chart has held near the range-break today but it’s not doing much.
Understandably, the market is focused on the central bank decisions coming up.
- July 25 — ECB
- July 30 — BOJ
- July 31 — FOMC
The market is still trying to sort-out whether this is the start of a global easing cycle or just a rate cut here and there. I’m not sure we’re going to get the final answer by the end of the month, but we will get some hints.
I talk about gold starting at 5:05 here: