GOLD: Bear Market Bounce

Gold finally retests the 200W MA and the 1 fib level. Judging by the daily dragonfly on S&P, silver's surge this week, Barrick Gold holding its own, weekly bullish divergence on momentum, money flow, and VWAP on Cipher B, I think a bounce is coming for Gold. Macro for gold is still very bearish. Just take a look at the lower highs on the money flow. All eyes on Wednesday for FOMC meeting.

註釋

Short Gold ETF (GLL), 6M dragonfly doji off the .618 fib confirms the macro bearish bias on gold. Still sucks as a hedge against inflation.

註釋

People keep harping inflation is a serious issue. Yellow rock which is supposed to be a hedge has been trading in a 2% range all week. Excellent hedge. That being said, daily hanging man on DXY might provide relief for GOLD soon.