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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