Further should the 1678 low continue to hold, what overhead price might we behold? Technically what had been Gold's 1854-1779 support zone mirrors into the 1779-1854 resistance zone...
The sector is deeply oversold as evidenced by an extreme in the Gold Miners Bullish Percent Index (BPGDM). Commitments of Traders data for gold and silver are positive and very positive, respectively on a contrarian basis.
I thought we had our low in, but that is not the case. I believe they will try to break the $1,675 area from last August where a quick liquidation and the emotional gold bugs are now panicking into the low followed by a strong reversal..
Metals not really coming off their bottoms unlike other markets which are seeing bumps. Gold is getting a little bit of a bounce with an overall downtrend unless $1,722 is broken.
Gold bugs, retail traders, tend to be emotional and too short-term focused. Here is your bigger term picture on gold's multiple tests to breakout of this big resistance zone.
Given how inflation has been ballooning in the recent past it is surprising how much gold has fallen in recent weeks as we can see on its latest 6-month chart, but this has been largely due to the...
Japan's holdings fell to $1.212 trillion, the lowest since January 2020 with China's hoard of U.S. government debt dropped as well to $980.8 billion in May.
