Just a quick free note today.
I’m stepping back from the geopolitical commentary (I’m still sharing it with my subscribers – and there’s quite a lot thereof) to report one important thing: gold is back below the 50% retracement, the $4,800 level, and back below the level at which I wrote about re-entering short positions.
The bullish momentum seems to be gone and – which is critical – it’s gone precisely when gold should be soaring. The ceasefire is about to expire, and the U.S./Israel are about to negotiate with Iran once again (or are they? Iran didn’t confirm it.) This kind of uncertainty should be driving gold to much higher levels. And what did we get instead? A 1%+ daily decline in gold and 2%+ decline in silver – so far today.
It looks like the corrective rebound is over or very close to being over.
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Thank you.
Sincerely,
Przemyslaw K. Radomski, CFA