Gold put in a low less than two weeks ago, which was followed by a gap up and a stealth rally. Then it exploded last Friday past $1940/oz. When considering technicals and the Gold CoT, a sentiment indicator, there is some reason to believe in an important bottom.
The gold stocks were nearly extremely oversold levels at the recent bottom. It’s the kind of oversold condition that could lead to a multi-month rebound.
As always Gold’s performance against the stock market is needed to cement a low and help Gold rally to and past $2000/oz.
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8 Comments
Gold is at or very close to all time high in AUD
P R O M O S M 😠
Interesting Analysis
Good video. Seems that there are some very strong buyers below 1900, so don't expect it to get much lower. There is not much left from the rate hikes and the long term bond yields are rising, indicating inflation is getting entrenched. Hard to know when the breakout happens but it will come. Better to be a year early than a day too late.
Silver tiger is gross
Great stuff constantly since I subd recently. Two requests, one, more on XAU/USD and one wildcard question: what’s your take on the Dollar Milkshake Theory? Thanks.
Not really stealth IMO. Gold went through a text book 5-7 day bloodbath phase that created massive bearish sentiment. The banking cartel covers their shorts into that selling panic and gets out of the way of the impending intermediate rally. This should be the intermediate degree rally that finally breaks out above the $2090 resistance.
Jordan….long time listener, love your analysis. Keep it up, sir – you're a great help to so many of us.