It will likely take Chairman Powell to throw some meaningful cold water on the “rate cut” narrative today to slow this rally down. However, if (repeat, IF) he does indeed do that, the markets are overbought enough that it could create a surprising decline.
Like we thought it would, gold has pulled-back over the past two weeks. However, if it can bounce from a level above $1,950ish any time soon, it will raise the odds considerably that the yellow metal will finally break above its incredibly important long-term resistance level.
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