Gold price is showing great strength considering everything that’s happening with USD, jobs & Fed commentary re forward schedule of rate hikes etc.
I think the market at large is seeing long-term value at these prices. The gradual sentiment reversal shows in recent COT reports. At some point enough people come to the conclusion that gold is cheap against any reasonable investment horizon and this provides a floor of sorts.
From a technical view, speculators may also be waiting to see what unfolds on Monday when China returns from Golden Week. Considering the coupling of Comex gold & CNY in recent months, it’s uncertain if CNY will rush forward to meet gold or gold will fall to meet CNY.
gold, page-46112
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