Gold update 17.05
Yesterday gold had a chance to clear out the liquidity and form a nice bullish impulse, but it failed.
The news was bullish again and the price was very heavily manipulated, but gold fell, negating the bullish manipulation.
It seems that the banks are in no mood to buy and you know the old saying "Sell in May and go away". It is about the stock market, but it seems that gold has also respected this.
The season is also bearish, no major news until next month, so my view is that gold will go lower for a while.
Gold vs GDX
The assets seem to be moving in a channel.
Gold vs Silver
I think silver has more room to fall.
The news was bullish again and the price was very heavily manipulated, but gold fell, negating the bullish manipulation.
It seems that the banks are in no mood to buy and you know the old saying "Sell in May and go away". It is about the stock market, but it seems that gold has also respected this.
The season is also bearish, no major news until next month, so my view is that gold will go lower for a while.
Gold vs GDX
The assets seem to be moving in a channel.
Gold vs Silver
I think silver has more room to fall.
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