Never expected Gold to retrace lower below $1800 given that 10yr...

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    Never expected Gold to retrace lower below $1800 given that 10yr bond yield is at just 1.55pc.

    More significantly Gold stocks have dropped even sharper. If we are to use the XGD/AUD Gold ratio, we can see that the ratio has gone back to 2.90x where it was on average back in Feb-Apr. So gold equities have been oversold to reflect that fall thus far.  

    Gold/DXY has dropped, reversing the uptrend until mid June. BTC has also moved higher since then.

    A lot of this has to do with the rising DXY, which gained 2% from under 90 to 91.83.

    Gold could dip to $1760-1770 but I should think that would hold.

    The good news with Gold dipping though is that the market does not see adversity.

    Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
    0   23 Feb 21 22 Apr 21 12 May 21 19 May 21 31 May 21 11 Jun 21 17 Jun 21
    1 GOLD (USD)   $    1,807   $   1,795   $ 1,832   $    1,871   $ 1,911   $    1,903   $ 1,798
    2 GOLD (AUD)   $    2,289   $   2,314   $ 2,347   $    2,400   $ 2,471   $    2,452   $ 2,374
    3 DXY (USD INDEX)    90.18   91.11 90.31    89.78 90.05    89.98 91.83
    4 BITCOIN (BTC) (USD)   $ 47,532   $ 53,814   $   57,097   $ 42,480   $    35,190   $ 36,123   $   39,273
    5 BITCOIN (BTC) (AUD)   $ 60,031   $ 70,172   $   73,282   $ 54,658   $    45,633   $ 46,716   $   51,973
    6 XGD    6,640   7,145 7,162    7,512 7,581    7,388 6,877
    7 GDX   $    34.21   $   36.83   $ 37.64   $    39.63   $ 39.42   $    38.95   $ 36.77
    8 BTC/GOLD (USD)    26.31   29.99 31.16    22.70 18.41    18.98 21.85
    9 BTC/GOLD (AUD)    26.23   30.32 31.22    22.78 18.47    19.05 21.89
    10 GOLD/GDX    52.81   48.73 48.68    47.22 48.48    48.85 48.89
    11 GOLD/DXY    20.03   19.70 20.29    20.84 21.22    21.15 19.58
    12 XGD/AUD GOLD 2.90 3.09   3.05 3.13    3.07 3.01 2.90
    13     17/2 to 23/2   19/4 to 22/4   30/4 to 12/5   12/5 to 19/5   19/5 to 31/6   31/5 to 11/6   11/6 to 17/6
    14 GOLD (USD) 0.8% 1.0% 3.6% 2.1% 2.1% -0.4% -5.5%
    15 GOLD (AUD) -1.0% 0.7% 2.3% 2.2% 3.0% -0.8% -3.2%
    16 BITCOIN (BTC) (USD) -4.8% -4.9% -0.3% -25.6% -17.2% 2.7% 8.7%
    17 BITCOIN (BTC) (AUD) -7.0% -5.7% 3.8% -25.4% -16.5% 2.4% 11.3%
    18 GOLD/GDX 0.6% -1.2% -5.4% -3.0% 2.7% 0.8% 0.1%
    19 GOLD/DXY 1.3% 1.6% 4.7% 2.7% 1.8% -0.3% -7.4%
 
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