Gold and the precious metals sector are still in a relatively mild correction.
Gold support zone between around US$1,850 will probably not withstand another test.
The weekly chart is getting oversold and a trend-reversal is already foreseeable.We suggest a few more weeks of patience and expect the bottom and turnaround until mid of December.The precious metals sector has been in a pullback for the last three months. Even though, neither spot gold prices ( XAUUSD:CUR ) nor the SPDR Gold Trust ETF ( GLD ) and the Sprott Physical Gold Trust ( PHYS ) have marked new lows in the last eight weeks, the trend-less sideways consolidation has certainly created a lot of stress, pain and question-marks especially among the many new and unexperienced investors in the sector. After all, gold should have exploded thanks to money printing and the uncertain US election. However, if you follow me and Midas Touch […]
November 17, 2020 (updated November 17, 2020) Published by StockMan