5 мая 2022 г. Against the Monetary Base Expansion, Gold's implied Price in Fiat Credit should now be trading at slightly over $18,111. Outperformance? Clearly not, Gold has been demonetized by 95.56%. It is simply being held up in check against the FED's unwillingness to raise rates beyond an implied target which is clearly off the mark. Gold made an interim high @ 2078 and then declined $228 or 11%. The 199 EMA will need to hold on the Daily, the consolidation range is going to extend for some time. Seasonality is unsupportive until July. While the DX pulled back, the ratio has room to run lower for now. Commodities, on the whole, are beginning to show signs of immense stress in the Monthly charts with over-extended readings. Headwinds are beginning to mount for the everything bubbles - a bounce is to be expected. _______________________________________________________________ The 65 EMA is the Pivot for Gold, it must hold or the potential for a steep decline will continue to persist to 1675. COT is not at all supportive for a continuation the Gold Bugs are looking forward too. Silver remains unsupportive as it leads in True Bull Markets. Balance sheet expansion - the next Gold move Higher.