Monthly Precious Metals Technical Analysis Report July 2022

The USD continues its powerful rally. Why? The yield gap between the Dollar and its major trading pairs continues to dominate. The ECB is also not only slow to tighten, but the Eurozone also faces serious trade balance issues that arise directly from the tripling of energy imports  Markets await expected ECB tightening on July 21st and will Nordstream 1 come back online on Thursday the 21st after scheduled maintenance? Most likely yes… it’s a huge FX earner for Russia, and winter hasn’t yet come…