(CercleFinance.com) – The announcements of surprise rate hikes by the Bank of Canada and the Bank of Australia (to 4.75% and 4.1% respectively) in the name of the fight against inflation brutally increases the risk to see the FED return +25Pts next Wednesday (to 5.50%) and the ECB should bring them up to 4.25% according to the OECD.
The rise in yields is the biggest handicap for gold, which lets go and sinks by -1%, below $1,960 (ex-zenith on February 2, ex-low on May 18), down to around $1,944.
The correction – induced by the break of the short-term oblique support – should extend towards $1,920 initially, then until the closing of the $1,870 ‘gap’ on March 10th.
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