Q1 2023 hedge fund letters, conferences and more
The actual 5.0% YoY headline CPI (core of course unmoved and sticky) provides plenty of bullish cover. USD is to still remain on the defensive (for now), and gold with silver would welcome that most. Still, this isn‘t yet time for a meaningful correction in precious metals – and likewise crude oil is to remain fairly well bid. At the moment, copper is most sensitive to the deteriorating economic prospects.
I didn‘t even bring up the bearish targets (applicable to medium-term as at least this week is still a bullish one) yesterday – after closing midpoint between 4,115 and 4,160s resistance, I‘ve prepared you for 4,160s to be thoroughly challenged, and here we are.
The buyers don‘t look to be done, and can think about 4,188 target at their convenience (those are the key words here – at their convenience) (chart courtesy of www.stockcharts.com), which would of course coincide with more real asset upside (all at the expense of the dollar).
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