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Last night, gold did its “gain a lot, then lose some ground” routine, which seems to be a habit these days. The good news for those long gold (as I have been since the 15th) is that it managed to push its way past 1145. Hopefully, that level will offer a new level of support for the beleaguered metal.
Over the past couple of weeks, poor old gold has been trying to get up off the mat. It’s actually meeting with a bit of subtle success (see green tints), as a series of higher lows is being formed. Its more vital attempts to get higher, particularly overnight, keep getting smacked down (red arrows), as $1145 seems to be an important barrier. Considering how much is going against gold right now, it’s behaving decently, and I’m certainly keeping my fingers crossed that it can find the buying power to hurdle over that 1145 line, which should make its recovery easier.
As I type this, it looks like the equity bulls are making it their life’s mission to reach Dow 20k A.S.A.P. Given the momentum, it seems they’ll succeed easily.
On a different subject, gold was really starting to show signs of life last night. Sadly, it’s become smacked down once more. I’m still cheering for the little fellow. I’m long gold as of late last week.
