Still early to buy Gold

USD priced Gold made a new ‘lower low’ and is entering a new downtrend (on a weekly basis) albeit the strength of the trend is not strong.

Incidentally, it’s touching a 6 month low.

In the interim, the ‘dailies’ are oversold and due for a little bounce, while the downward trend needs to be honoured.

Gold as priced in AUD and CAD may have a little more to fall than the USD version.

I think its too early to be entering gold positions.

One ‘bottoming’ reference to watch may be if Newmont Corp. (NEM:US) trades down to $32.20.

September 29, 2023

by Rob Zdravevski

rob@karriasset.com.au