As the mood music improves during peace talks between Russia and Ukraine, geopolitical risk premium in gold continues to unwind. Get your market update from JMcQueenFX here:
As the mood music improves during peace talks between Russia and Ukraine, geopolitical risk premium in gold continues to unwind. Keep in mind, prior to Russia’s invasion of Ukraine, the outlook was looking rather bleak for the precious metal as the Fed were preparing to embark on the most aggressive tightening cycle in decades. This remains the case given and perhaps even more so as Powell and Co. look to hike rates in 50bps clips.
As such, much like my view on risk appetite , in the absence of further geopolitical escalations, the focus will shift towards the Fed tightening financial conditions.From a technical perspective, gold is neutral and while I am leaning towards the downside in the precious metal. Bearish conviction will grow on a break below 1880, which will also likely confirm a double top from 2070.Sky high inflation prints in the.
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