Gold is up $20 today after falling by about the same margin yesterday.
After the $240 swan dive and the $150 bounce, gold has gone straight sideways for two weeks. My inclination is that the sideways trading is good news for the bulls. In addition, there are signs of physical demand for gold.
That said, the panic-inducing drop surely did some damage to the psyche of the gold bulls so it’s difficult to buy at these levels.
The simple trade in gold is to wait for the $1440 or $1480/90 to break and go with it.
