I find it interesting that July Payrolls was pretty decent, the US dollar firmed (apparently with firming expectations of a Sept. rate hike), some stock markets and commodities are weak and yet the precious metals are positive, and being led by silver over gold.
As was the case yesterday, today’s open at least seems like another microcosm of what would be needed in future trends for a trends-based investment stance on the gold sector.
As it stands, the fact that the precious metals held firm, in combination with the compelling CoT data we have been reviewing and from the human side, the shear number of analysts out there guiding gold down, our bounce scenario is getting a good bump today (assuming the opening pop does not reverse in-day).
I will remind investors yet again that the macro fundamental picture is not nearly aligned to 100% bullish yet. But we’ve got time. ;-)