Despite all of the reports telling us how overbought it is and how little ACB buying is taking place, the Gold market doesn’t seem to care. The physical retail demand out of China, India and the Middle East remains very solid and this seems to be providing solid support on every dip. Booking some profit on ‘silly’ rallies seems like a sensible thing to do but I would not be shorting this market, it’s way too dangerous.
The market is currently trading just below $1890/oz, up slightly from the NY close, and not far away from the recent record highs at $1910/oz.
