The bottom feeders are picking up gold, pushing it to a fresh high.
Gold had grown extremely oversold with the daily RSI at 21 — the lowest since the crushing losses in April. Similar slumps have been met with bounces in the $75-100 range, which would target resistance in the $1275 zone.
The gold market is broken, in my opinion, and all rallies are selling opportunities. At the moment, would-be shorts can be patient.
