Gold touches $1768
Gold is back to flat on the day but slipped to as low as $1768.
The low in November was $1764 and the May 2020 high was $1765 so this is a key zone. I saw a tweet yesterday that I liked; it said "how many Hail Mary's are you saying if you're long this chart?"
There isn't much support below the November low.
I have been surprised at just how negative that commentary has turned on gold. Suddenly everyone is very cautious, including Jeff Gundlach who tweeted this today.
I agree that bitcoin appears to be eating gold's lunch and the preferred currency debasement trade.
I will say that sentiment also got very negative in late November and then there was a short turnaround but it ran into that early-November high and that looks like a genuine double top.
I go back to the seasonals and the tailwind from that is now over after providing another good trade this year.
