The world’s second largest consuming gold country imported a record 321 tonnes in the first quarter, up from 124 tonnes a year ago.
Bubbles, inflation are the buzzwords being tossed around by many. Are we in a bubble? Some evidence suggests we are.
So, while I retain a bullish bias for the market as we head towards the fall of 2021, I still have to be aware of the potential risks for draw down
Gold at its 18-month weekly average. $1,798.30 resistance on a rally. Oversold market.
If Consumer price index rises on Tuesday, then gold will easily break past $1760 resistance.
Positions as of Tuesday, April 6, 2021.
Gold is in the area of challenge. Can it close higher and change the trend?
In fact, for the greater part of the last 3 years, the gold and dollar markets have basically been trading together in the same trend.
Very quiet day, volumes. If gold can clear this resistance area, then I will have a different attitude on the market.
This is the resistance zone for gold, which it is in now. Chart still bearish.