This morning gold spike to a high of $1315 before gold started to back off. Analysts are bullish but most of them give emotional reasons why gold has been going up. “Trade Concerns” is just another mild way of calling gold’s bullish run as a safe-haven run. There is a good chance that gold can dip to the $1300 price level, and then give us another leg up. Sure, silver has also gone up but gold has left silver in the dust!
Even the gold-related ETFs and indices are lagging far behind the gold price. At this 90 minute scale, we get more “Crossings” as it didn’t take to long to travel from a Death Cross, right back to a Golden Cross. On the daily chart, we are still under the effect of the Golden Cross.
Ultimately it’s the USD dollar’s bearish action that is pushing gold higher. My Market Vane report has expired and my COT reports may get published this Friday. Last time the commercials had very bearish positions, so it will be interesting to see how they shifted their positions. This Friday economic reports usually come out as well and if investors interpret them wrong, it could start a mini sell-off.