Gold’s drop may present a buying opportunity for those expecting gains in the second half. Rising holdings in bullion-backed ETFs suggest many investors see it as a worthwhile bet.
Gold this past week succumbed as a fallen dove, now further facing a stint of “sluggish seasonality” per the shaded strip in the graphic encompassing these last four years.
The big event of the coming week is the annual Jackson Hole symposium of central bankers where Fed Chair Jerome Powell will be the keynote speaker. Will he or will he not hint at a September rate cut?
The market is void of a trend, in my opinion. Momentum's still pointing down, bias down. I think the market's still in a short-term downtrend, if I had to put any label on it.
