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With gold languishing near deep secular lows, its technicals look hopelessly broken.
Sentiment is off-the-charts bearish, with traders universally convinced gold is doomed to spiral lower indefinitely.
But gold’s weakness this year is very deceiving, as it wasn’t the product of global fundamental supply-and-demand forces.
Extreme record shorting by American futures speculators spawned these artificial lows.
Gold’s imminent short-covering rally should be the largest ever, coming from record extremes.
Market Update
Today’s AM LBMA gold prices were USD 1,094.80, EUR 998.50 and GBP 707.74 per ounce.
Friday’s AM LBMA gold prices were USD 1,091.35, EUR 998.99 and GBP 703.01 per ounce.
Last week, gold and silver were mixed with gold marginally lower for the week - down 0.28% to $1,092.10 and silver up 0.4% to $14.77 per ounce.
This morning, gold is 0.1% higher to $1,096 per ounce. Silver is up 0.74% to $15.02 per ounce.
Platinum and palladium are 0.74% and 0.5% higher to $973 and $607 per ounce respectively.
Important News
GoldCore in Marketwatch – Market Watch
Gold stalls as US jobs data keeps door open to Sept Fed hike – Reuters
Gold Bulls Catch a Break as Dollar and Equity Drops Eclipse Jobs – Bloomberg
Gold turns higher in wake of jobs report – MarketWatch
Grim China data keeps stimulus hopes alive – Reuters
