On Friday, I wrote about buying a gold dip down to $1385 and that was the sweet spot as the metal rebounded nearly $30 to $1411 today. In early-week trading gold dipped as low as $1973 but it was in ultra-thin trading in the earliest hours ahead of a US holiday.
Today’s gains came after US traders entered the fray, suggesting funds rather than physical demand, part of the reason is that September is typically the best month for gold. Keep that in mind at the end of the month when the seasonal chasers clear out.
For now, a retest of $1433 is the best bet.
Gold daily chart
