21 and the Temporary Pause
Technically, there is a chart pattern confluence support across Nasdaq100, SPX and XAUUSD near 12220, 3980 and 1808/12 respectively. As I emphasized yesterday (and today) on the importance of 1808/9 in gold, this has remained lone sign of stability—despite earlier $30 daily swings.
The gold part is partly backed by silver holding above the $21.00 level—served as a support/resistance over the last 4 decades.
Fundamentally, expect further loosening of lockdown restrictions from China –despite intensifying media coverage on the effects of the lockdowns. But matters are improving—albeit slowly—and China tech chares are noticing. If you think there are inflationary effects from China's disrupted supply chains, imagine the inflation from a “fully-open-back-in-demand” China. Whether this will coincide with the Fed easing off from tightening or before, yields are in for an rude awakening soon.
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