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Gold – Eyeing early summer highs?
Powell delivers dovish gift Gold appears to be eyeing its mid-summer highs after Powell’s comments during the virtual Jackson Hole event. Powell delivered what the markets wanted to hear. No immediate taper, an awareness of the downside risks for the economy and a commitment that tapering and rate hikes remain unlinked. The dollar softened after the speech and gold rallied back through $1,800. The question now is whether it can mount a run at $1,833, a break of which would send a very bullish signal. chart We’re seeing a strong end to the week but time may just not be on gold’s side. Given what we experienced ... (full story)