Gold Consolidating – Global Bankers Give to the Rich, Take from the Poor Policy
by Dixon Fung
Fed Chairman Bernanke finished his appearance in front of the House Committee today. The easy money policy will continue for the next few years, very bad news for the “saver” and the future generations. U.S. monetary policy continues to encourage leverage and debt building, take from the poor and give to the rich. Across the Atlantic, Draghi also announced that it will be a while before the ECB exits its own easing policy. The benefactors of the global easy money policy are the rich that have the disposable income to invest. The middle class is becoming lower class and the lower class is shifting into poverty. I feel sorry for the kids that are trying to enter the work force and are trying to start a family.
Gold`s rebound stopped short at the $1,620 resistance from the global free money policy, further consolidation is expected from the latest technical downward correction.
Support levels are at $1,560 and $1,500. Below $1,500 further analysis is needed. Resistance levels are at $1,620 and $1,675.
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