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Gold Trending Upwards on Trump’s Latest Tweets

At about 2.38 pm, US President Donald Trump tweeted: “Fed, there is almost no inflation”. This is a reaffirmation of his position that there is no reason to keep interest rates at their present level and that aggressive rate cuts are necessary. He also praised the 1st speech from FOMC member John Williams, who was quoted yesterday as saying that the Fed needed to implement rate cuts at the first signs of trouble…a very dovish statement which upped the bets for a 50bp rate cut come July 31.

In additional tweets, President Trump stated: “His (Williams) first statement is 100% correct in that the Fed “raised” far too fast and too early. Also must stop with the crazy quantitative tightening…”

President Trump’s Tweets: Sweet for Gold Buyers

Gold is up on the latest tweets, with the yellow metal topping $1441 presently. As I identified earlier in the week, gold is in a bull pennant pattern and an upside break appears imminent.Don’t miss a beat! Follow us on Twitter.

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