Producers have pricing power, buyers are willing to buy what they can get their hands on. Gold's selling is overdone, BUT if gold hits new lows then ..
Exchange-traded funds (ETFs) continue to sell gold, bringing this year's net sales to 7.27 million ounces, according to data compiled by Bloomberg. Total gold held by ETFs fell 6.8% this year to 99.8 million ounces.
Gold's weekly chart shows the 18 week moving average as resistance with no trend. The weekly chart shows us nothing, waving back and forth without momentum.