"IMO seasonality is irrelevant this year, as purchases have already been brought forward worldwide to capture the lower prices"
You could say that but the price is down more than usual for the last 2 months so it may be even more important this year as there is more ground to make up.
Keep in mind that there are now many traders that either sold long positions when stop losses were triggered in April that might want to buy again and there may be shorts that will have to cover on any potential buying rally as their stop losses get triggered.
The price fell so there was heavy selling offsetting the buying of physical gold. That buying by the Chinese and Indians in particular rarely gets back to the market again. Its locked up long term.
However the seasonality chart is always going to be a probability event.
The post tax loss rally may be more important for stocks like ABU along with any AUD effect on gold.
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