Gold is now getting very close to a major support level (3.5% ish away from the bottom of the fib channel).
However, I believe today’s drop is down to a combination of Comex contracts expiring (usual end of month sell off), but aggravated somewhat by the fact that bond yields have taken folks off guard recently. Giving a decent sell gold buy dollar opportunity. Least in the short term.
Additionally the relief bill vote takes place this evening in the United States (US evening).
Therefore the drop in the markets today will put additional pressure on getting the bill passed. And with such a big stimulus package going off to the money printers, it has the potential to stimulate gold prices somewhat as we move forward.
This potentially means gold is close to the bottom. Which for those that like to buy physical gold it presents a rather wonderful opportunity.
I am of course perhaps teaching old skool gold bugs to suck eggs here. So this is purely for those who are perhaps not so experienced.
Good luck.
However, I believe today’s drop is down to a combination of Comex contracts expiring (usual end of month sell off), but aggravated somewhat by the fact that bond yields have taken folks off guard recently. Giving a decent sell gold buy dollar opportunity. Least in the short term.
Additionally the relief bill vote takes place this evening in the United States (US evening).
Therefore the drop in the markets today will put additional pressure on getting the bill passed. And with such a big stimulus package going off to the money printers, it has the potential to stimulate gold prices somewhat as we move forward.
This potentially means gold is close to the bottom. Which for those that like to buy physical gold it presents a rather wonderful opportunity.
I am of course perhaps teaching old skool gold bugs to suck eggs here. So this is purely for those who are perhaps not so experienced.
Good luck.