Gold in a downtrend still, but closing in on negating the pattern. Gold trying to hold the 18 day moving average which is at $1,727.20
There will be short covering if the gold price manages to break and trades over $1770.
Due to a weakening market, Russia’s GV Gold is putting its IPO on hold. The Blackrock-backed miner had hoped for a $1.5 billion valuation.
Let's start with the daily line combo chart for the PM complex which shows the H&S tops in place.
If gold can break $1,744.80, it would mean the market is tired of the downside. It would be a call that the short play in gold is over.
Technical chart updates on the gold and silver sector.
Positions as of Tuesday, March 30, 2021.
Gold and silver futures are closed worldwide tomorrow. Impact of gold and silver will be felt on Monday in the future.
Gold finding Bollinger band support on the downside. Bearish set-up or sideways market? Nothing bullish on the chart.
For gold, what matters right now is real yields (nominal yields minus the rate of inflation). Unfortunately, the US rate of inflation is measured with what I call… The Orwell Index.
