The contrarian in me is looking at Gold

Do you remember last August when Gold ‘bugs’ were wetting themselves, as Gold broke above US$2,000 ?

Do you recall the price targets of $3,000 and higher being unleashed?

I’m pleased that I was bearish Gold and avoided that trap.

Today, it seems that no one wants Gold. It’s unloved, oversold and 16% below that August low.

We’ve seen (USD) Gold test and hold a 78% fibonacci retracement of the rally from March 2020.

It’s ‘double bottom’ at US$1,678 has held (for now and important to watch).

For now, it’s in a range of US$1,690 and US$1,790.

I’m accumulating and cognisant to watch it hold that support level.

April 5, 2021

by Rob Zdravevski

rob@karriasset.com.au

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