gold at a 3 month low the same week CPI prints 3.7% is an odd pair. you would expect sticky inflation to hold it up, unless the market just cares more about the Fed staying tight. is $4000 really the line people are watching?
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$4,000 is a psychological level for traders. The market is totally fixed on the Fed. From what I've assessed, it looks like the Fed is likely to hold at this meeting (October 28th). The market thinks the Fed will raise rates in December. I'm waiting to see what happens with the next two Inflation reports before December's meeting.