Gold finally retests the 200W MA and the 1 fib level. Judging by the daily dragonfly on S&P, silver's surge this week, Barrick Gold holding its own, weekly bullish divergence on momentum, money flow, and VWAP on Cipher B, I think a bounce is coming for Gold. Macro for gold is still very bearish. Just take a look at the lower highs on the money flow. All eyes on Wednesday for FOMC meeting.
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Short Gold ETF (GLL), 6M dragonfly doji off the .618 fib confirms the macro bearish bias on gold. Still sucks as a hedge against inflation.
Comment:
People keep harping inflation is a serious issue. Yellow rock which is supposed to be a hedge has been trading in a 2% range all week. Excellent hedge. That being said, daily hanging man on DXY might provide relief for GOLD soon.