Source: Zero Hedge
“Based on what I am seeing today in the data, the balance of probabilities signal a move in Gold back up to the 1360s and 70s, once we hit bottom here shortly…Following that pullback, Gold is likely heading to new highs later this year, as the prospect of new stimulus policies from the Fed, global central banks, and governments around the world become increasingly likely and fiat currencies continue to be devalued en masse, especially the dollar….Personally, I would like to see a healthy pullback to 1280 or further, or at least go sideways for a while…to provide Gold with the energy it needs to take out key resistance at 1377….Funds have gone from short to long at an extremely fast pace, and a short-term reset would be ideal to provide the ammunition to move up to new highs….Central banks are buying Gold at the highest rate since the 1970s. The Fed’s actual reversal to rate cuts and QE is inevitable….Now is the time to be patient once more.”
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