The party continues in gold. It’s at a fresh record high of $3979 after dipping down to $3940 early in Europe on profit taking.
The dips have been shallow in gold for the past six weeks as it’s hit record after record. By any metric, gold is now extremely overbought and is trading 20% above the 200-day moving average. There is obvious resistance at $4000. I’ve been as bullish-as-it-gets all year for gold but the risk-reward isn’t there until/unless there is a clean break of $4000.
gold 10 min
My guess is that we tag the big figure and then see some real profit taking. How deep/shallow that is will be a clue on the next leg.
