What a day for gold bulls as the price of gold saw a massive short squeeze in Japanese trading on the TOCOM and the price of gold remained strong during trading in the physical market in London and the paper Comex market in the United States. Here is why there are more fireworks to come.
Kickoff Of US & Europe Currency War Helps Ignite Short Squeeze In Gold
June 20 (King World News) – German author and market maniac Holger Zschaepitz just warned: “Looks like the start of a currency war. Euro dropped after dovish Draghi and jumped after dovish Powell. Now trades >$1.13.” (see chart below).
US & Europe Now Engaged In A Currency War
SaxoBank’s Ole Hansen Weighs In On Gold’s Breakout
Ole Hansen, Head of Commodity Strategy at SaxoBank: Gold’s best and strongest attempt since 2014 to break higher. Support now the previous highs. (see chart below).
Gold’s Biggest Break Higher Since 2014!
Ole Hansen, Head of Commodity Strategy at SaxoBank continues: Gold – The next major level of resistance – on a weekly close above $1380/oz – points towards $1483/oz (50% retracement of 2011 to 2015 sell off. (see chart below).
Hansen: Friday Close Above $1,380 Sends Gold Target $100 Higher To $1,483
Ole Hansen, Head of Commodity Strategy at SaxoBank continues: Fed Funds futures are now pricing in a 100% probability of a July 31 US rate cut with a 50 bp cut currently gaining some traction. (see chart below).
Expect More Fireworks In The Gold Market As 100% Chance Of A Rate Cut Now Priced In!
KWN has ramped up the release of articles with the increased interest in the gold market. More articles to follow through the evening and overnight.
In the meantime…
Read 3 More Important Articles On Today’s Gold’s Surge Towards $1,400
***Also just released As Gold Continues To Surge One Pro Says, “It’s Only Day 1 Of The (Gold) Breakout” CLICK HERE TO READ.
***Also just released 3 Of The Greats Weigh In On Gold’s Surge Towards $1,400 CLICK HERE TO READ.
***Also just released Peter Schiff discusses gold’s spike to $1,395 CLICK HERE TO READ.
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