i think its economics with a georisk/fear overlay
the 2 us bank reports last night initially saw banks rise and gold fall on the positive headline revenue and EPS beats - but then it reversed once people read the detail and saw significant deterioration in loan performance and the headline figures were driven by changes in provisioning
this feeds into emerging narrative US economy is slowing down sharply - key data for which is 28 April 1q gdp figures
on top you have north korea/syria/french elections - which drives risk off money into bonds, dropping yields and supporting gold price
i think the manipulators are going to use the 2 weeks to try to shake holders out of gold stocks
i remember well trying to buy the NUGT at $28 in 2015 and getting tail swipped by 3 big headfake false breakout selloffs despite gold spot price rising
i think its economics with a georisk/fear overlay the 2 us bank...
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