Gold has been leaden for a month, presumably to set up a nasty surprise. But for whom — bulls, or bears? My hunch is the latter, but we’ll keep an open mind just in case. They evidently were fixated on the 2050.60 target shown in the chart and may have been patting themselves on the back when the futures whipped around and shot up to a marginal new high that stopped every last one of them out. We shouldn’t underestimate the lingering pain, nor their natural desire to even the score. Look for wicked swings to precede a drop to at least p=1939.10 if there’s going to be a consolidation for another big leg up.
GCM23 – June Gold (Last:1990.50)