The pattern is almost like a stepping ladder and each time you get a rally, it seems to break those lows. Those are also making for a downtrend with lower highs and lower lows.
You're still up in gold 1.34% but the pattern: lower highs lower and lows. The challenge for the gold market is: Can it get back up and over the $2369.60 level?
Gold price is about sentiment on a societal level, not just among gold bugs. My rebuttal seeks to add layers to another analyst’s opinion, not express outright criticism.
Last Friday morning, nonfarm payrolls data came in much stronger than expected, knocking $20 off the gold price and dashing hopes of near-term Fed rate cuts.
