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Sep 1 at 03:27 PM
$SPDR Gold Shares(GLD.US)
Context: Gold slipped on Tuesday as traders assessed Middle East tensions and awaited key U.S. labour market data due this week that could shape expectations for Federal Reserve monetary policy. Last week, spot gold scaled its highest in more than three months before tumbling 3% on Friday after Fed Chair Kevin Warsh said the central bank will “have work to do” if policymakers don’t get the confidence they need that inflation is heading down to 2%.
My Trade: Holding on to my gold position as I'm building this for a longer time horizon. A steeper price pullback could be the indication for averaging down.
Takeaway: Gold has been pressured by “Warsh’s hawkish Jackson Hole speech, plus fresh tensions in the Strait of Hormuz, which has brought with it higher oil prices and raised inflationary expectations. @Captain's Treasure
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