You're still up in gold 1.34% but the pattern: lower highs lower and lows. The challenge for the gold market is: Can it get back up and over the $2369.60 level?
Gold price is about sentiment on a societal level, not just among gold bugs. My rebuttal seeks to add layers to another analyst’s opinion, not express outright criticism.
Last Friday morning, nonfarm payrolls data came in much stronger than expected, knocking $20 off the gold price and dashing hopes of near-term Fed rate cuts.
Most people at the top of intermediate cycles, they've got the fear of missing out (FOMO), and that causes people to buy too early if caught in the beginning of the decline.
I believe there was a leakage in US May nonfarm payrolls last Friday. The excuse and guse of stopping gold buying by the Chinese central bank was just media hype.
