Gold Chartbook - The Big Boys Are Playing Yoyo

Florian Grummes profile picture
Florian Grummes
5K Followers

Summary

  • The big boys and the bullion banks are playing their games in the gold market pretty successful for decades already.
  • In the very short-term, gold might remain under pressure, even though yesterday’s V-recovery is looking promising.
  • However, the daily chart is kind of oversold and hence in a promising position for another recovery rally.
  • To summarize, gold should soon rally towards US$1,960 again.

American gold coin treasure hoard of the rare USA double eagle 20 dollar bullion currency

TonyBaggett/iStock via Getty Images

In our last gold chartbook from March 19th, 2021, we assumed that gold had likely started its typical correction in spring. At the same time, we figured that the first leg down from US$2,070 to US$1,895 might have run

This article was written by

Florian Grummes profile picture
5K Followers
Florian Grummes is an independent financial analyst, advisor, consultant, trader & investor as well as an international speaker with more than 25 years of experience in financial markets. Via Midas Touch Consulting he is publishing weekly gold, silver, bitcoin & cryptocurrency analysis for his numerous international readers. Florian is well known for combining technical, fundamental and sentiment analysis into one often accurate conclusion about the markets. www.midastouch-consulting.com

Analyst’s Disclosure: I/we have a beneficial long position in the shares of XAU-USD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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