It looks like gold has been refusing to die, but has been creeping up, with wild spikes thrown in for good luck. Gold has come of a monster spike that may not be finished which I have to count out a 1-2,1-2 wave pattern. In order for that to be true, we need it to happen one more time besides this one, so that is a pretty tall order. The ability to defy the bulls and bears alike is what gold is all about.
Has the gold rally been all about the return of inflation or just some misguided run to a safe-haven asset? It all depends on what we think inflation is, as many call inflation when they print money.
I call that bullshit as they can print all the money they want, but if it sits on forklift pallets then this so called printed money, is just an inert pile of paper. Money has to move before it can cause inflation.
I think gold is very sensitive to any movement of money in the economy and it reflects this by bouncing up and down in price.
It should not take too long next week to make or break this bullish wave count.