1950-5 support on gold futures has been defended, and it held.
Based on inside information, that is the current floor for
gold prices. Any test of that level is a low risk buy. Gold is
oversold short term.
Any drop on the indexes is met with buying gold. I look into the
week of June 5 for a likely low in gold prices.
yes I discussed that last night that it was getting oversold in
the short-term and to watch for a bounce (though would be nice to
see GDX fill that open gap first), that said I'm still favoring an
eventually bounce/rally in this area as not THE bottom, but maybe
more as a b wave rally lower high then down or sideways in c -
would fit with seasonality as well as gold typically is soft from
early May to early July - to me it's too early for 'the bottom' in
gold but I'll adapt to whatever occurs
remember the stocks lead always, when analyzing gold one needs
to look at GDX and is it underperforming or outperforming relative
to gold
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1950-5 support on gold futures
Posted by junkie on 23rd of May 2023 at 10:32 am
1950-5 support on gold futures has been defended, and it held. Based on inside information, that is the current floor for gold prices. Any test of that level is a low risk buy. Gold is oversold short term.
Any drop on the indexes is met with buying gold. I look into the week of June 5 for a likely low in gold prices.
yes I discussed that last
Posted by matt on 23rd of May 2023 at 10:35 am
yes I discussed that last night that it was getting oversold in the short-term and to watch for a bounce (though would be nice to see GDX fill that open gap first), that said I'm still favoring an eventually bounce/rally in this area as not THE bottom, but maybe more as a b wave rally lower high then down or sideways in c - would fit with seasonality as well as gold typically is soft from early May to early July - to me it's too early for 'the bottom' in gold but I'll adapt to whatever occurs
remember the stocks lead always, when analyzing gold one needs to look at GDX and is it underperforming or outperforming relative to gold