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.
