The technical path of least resistance is down in gold with a series of lower highs and lower lows presenting bearish charts.

We also see the fundamental bias pointing down in gold and silver as a muted US CPI reading fosters a thin measure of long liquidation from long-suffering gold inflation bulls.

However, the bull camp hopes that muted inflation will spark talk of the end of the rate hike cycle and potentially provide a measure of misguided buying off talk of rate "cuts" next year...[MORE]

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