GOLD PRICE OUTLOOK:
Demand for Fed’s reverse repo facility surged to an all-time high, hinting at excessive liquidity conditions that support the case for tapering
The Fed balance sheet hit a record $8 trillion. A slowdown in the pace of expansion may undermine the yellow metal
Technically, gold prices breached below the floor of an “Ascending Channel”, potentially leading to a bearish trend reversal. Prices also broke a “Wedge” pattern, hinting at further losses with an eye on $1,825 (38.3% Fibonacci retracement) for support.
Trading Psychology: “It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong.” – George Soros
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