For months now, since gold put that sleepy and oh so content looking face on its bullish pattern we’ve had the measured target of 1940 loaded despite several hard tests of support and a CoT structure that is not nearly as constructive as silver’s had been. *
To boot, gold has a contrary bearish HGNSI according to Mark Hulbert’s work and the gold miners’ bullish percent (BPGDM) has been a contrary bearish indicator according to some analysts (not me).
Yet there is gold, still on schedule as it starts to get overbought within its uptrend. Talking strictly about the gold price (as opposed to actually holding the stuff) the risk vs. reward is not favorable for gold right now. There is upside to target, but it’s starting to accelerate away from the SMA 50 and even the EMA 20. The time to love gold (and silver) was back in the spring. It’s bullish, no doubt. But sentiment is opposite that of March.
* I say “had been” because I assume with this week’s theatrics silver is in a whole different sentiment situation now than when nobody cared about it. That indifference was sooo last week.
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