❓ Gold has been the odd man out amid euphoria on global markets. Can prices hold the psychological support?
Looking at the markets these days one can spot rallies and records nearly everywhere. Dow beating 30k was a major thing yesterday but frankly nearly everything is bubbling – European stocks, crypto, OIL, emerging market currencies. While the present market narrative of successful vaccine and very market friendly US administration under Biden supports most asset classes, precious metals are on the defensive as investors look past safe havens. The results? GOLD sliding $275 from August highs to test the pivotal $1800 level. This is more than just psychological – for as long as prices remain within the downward channel traders can hope for a long-term bullish flag pattern. However, a break lower could tip GOLD into bear market territory.
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