Outside day in gold
Gold didn’t like yesterday’s Federal Reserve hint at fewer rate cuts but it loves today’s announcement of tariffs. In an uncertain world with rates headed to zero everywhere, gold is suddenly shining brighter than ever.
After falling as low as $1400 minutes before Trump’s announcement, gold has shot to $1438, up 1.7% on the day.
A close here would be the second-best close of the cycle and is withing striking distance of the intraday cycle high of $1453. Technically, the outside bullish reversal is a good sign of things to come.