Impressive day for gold
Sometimes you learn more from a retracement from the initial move.
Sentiment has reversed in virtually every market with stocks and Treasury yields turning up after a rout early in the week. Yet gold has barely had a hiccup. It rallied more than $100 since Trump’s tariff tweet and hit $1510 yesterday. It pared that to $1490 a few hours ago but it’s since wiped out today’s gain and is up $1 to $1502.
The gold market is showing all the hallmarks of accumulation and a true breakout after years of consolidation.
On the short-term chart, the rise today breaks a minor downtrend.