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- The Price Of Gold Is Now Overbought And Some Are Calling For A Huge Drop For The Yellow Metal
The Price Of Gold Is Now Overbought And Some Are Calling For A Huge Drop For The Yellow Metal
Michael Swanson
October 07, 2024
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On Friday, the monthly unemployment numbers came out and showed that the unemployment rate actually dropped last month to 4.1%, making the notion of even lowering rates more seem questionable, but the rate cuts are still going to happen in November and December.
This is an election year!
And besides, stock market investors want another one, crypto players desperately need one, and CNBC talking heads have been demanding rate cuts for over a year now.
But, a 50 rate cut in November is NOT going to happen now.
These unemployment numbers, coupled with an extremely overbought gold price chart, is causing some commentators to call for a sharp gold price pullback, after gold’s big run up this year.