Okay well, there is too much glad handing going on out there on Twitter about gold and its quick recovery. Now, I agree that bull market shakeouts can be fast and furious and yesterday was a humdinger. But until the gold price takes out the daily EMA 20 why don’t we have a modicum of restraint, eh?
Gold would still be 100% technically intact even with a drop to the SMA 50 (1833). Actually, 1800 to 1833 is solid support.
Beyond that, and assuming the positive macro they are trying to cook up does not overwhelm the risk ‘off’ metal of counter-cyclical qualities, there is a big time pattern formed in gold and a target that is much higher. But on the short-term, the situation is not resolved yet.
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