Looks like I might have got this WRONG! Since I wrote this article the rate has come down and come down pretty fast. I guess the trend has not been broken and the rate is now back on its’ way down. Only way to keep it up are more rate hikes and those are not likely coming any time soon in my opinion.
Seems like gold is coming to a crucial testing point. It is what traders call a “DEATH CROSS” and for good reason. Typically this test can lead to a complete meltdown of the asset whatever it may be. In this case it is GOLD.
What will happen? Nobody can say for sure but the test is coming up very soon.
Will it bounce off the test ? Will is Collapse ?
My bet is it will collapse, but that’s just me.
If you look at Gold action these past few weeks, it almost seems like they are taking GOLD down. Nothing is for certain yet as no move has happened and every other country is lowering rates but who knows.