The gold and silver trade is euphoric over what the trade is calling an official pivot by the US Fed toward cutting interest rates as the rallies from yesterday's lows are quite profound and appear to have momentum.
As in other markets, near-term overbought technical signals in gold and silver should be ignored by the markets today, as traders continue to embrace euphoria which is likely to extend through today's session.
Obviously, the sharp slide in the dollar and the precipitous drop in interest rates combined with a dovish Fed is a perfect bullish storm that is likely to be capable of attracting buying fuel despite a quickly expanding and overdone net spec and fund long positioning...[MORE]
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