business ๐ฐ Gold uptrend resumes after hitting mid-year low
Treasury announced a buyback program on Wednesday to suppress yields on longer-term bonds. This caused the dollar to slip below its 200-day moving average, while precious metals surged, led by miners. The Gold Cycle Indicator finished at 119, indicating prices exited cycle bottoming after forming a major low mid-year. Miners are now taking over leadership from gold, with expectations for new highs next year. The market is watching Jackson Hole next week for potential shifts in direction. ๐