Those $4100-$3900 buys (gold, silver, and miners) are done and now investors can reasonably anticipate a well-deserved rally to the modest sell zone of $4800-$5000.
Epstein notes that the removal of a general license allowing Iran to sell oil without US sanctions has impacted various markets with metals and stocks declining while energy markets rose.
Ira Epstein notes that gold appears to be finding its footing with a potential end to its downturn as momentum has turned upwards and the price has returned to the 18-day moving average.
Gold's 50-day moving average is approaching a crossover below its 200-day moving average...However, historical data suggest the signal has not consistently been bearish.
Naturally, bottoms need confirmation. Gold needs to take out $4,400. Better still, it needs to break above $4,700. Above $4,800 and we are fully confirmed for a bottom.
So there we are, half the year but a memoir. Our deMeadville analytics are indicative of higher Gold near-term, supported (just maybe) by a little waffling as to Fed direction.
As gold mean reverts higher, American gold-futures speculators and stock investors have room to chase gold higher. Overdue weaker stock markets out of this epic AI bubble would accelerate that.
My view is that only a significant re-escalation in the Iran war and a prolonged re-escalation in the Iran War will cause a crash below $2800/$3500, the social media analysts forecast.
