Stop and Start Gold’S Recovery Has Been a Bumpy One As It Struggles to Put Its Recent Correction Lows Behind It
Vol. XLVI December 2020 / January 2021 Stop And Start Gold’s recovery has been a bumpy one as it struggles to put its recent correction lows behind it. While the bottom appears to be in, the near term seems as cloudy as the long term appears clear. By Brien Lundin his month’s lead article was going to write itself — until gold was Gold (London PM Fix) $1,975 dumped on Wednesday morning. T $1,950 That the metal’s correction had ended and a new rally begun seemed obvious up until then. A $1,925 sharp decline on November 24th to a key support $1,900 level (a 50% retracement of gold’s gains since $1,875 March) coincided with the full moon and the De- cember options expiration to mark a clear bottom. $1,850 (I know, throwing the full moon into this seri- $1,825 ous analysis is sheer lunacy, but analysts across $1,800 the Twitterverse were noting the coincidence, and $1,775 not all of their remarks were tongue-in-cheek.) $1,750 Regardless, gold rallied strongly from that point, rising in four out of five sessions from the Oct 6, 2020 Dec 1, 2020 Dec 8, 2020 Sep 8, 2020 Nov 3, 2020 Oct 13, 2020 Oct 20, 2020 Oct 27, 2020 Sep 15, 2020 Sep 22, 2020 Sep 29, 2020 th Nov 10, 2020 Nov 17, 2020 Nov 24, 2020 November 24 low at $1,776 on a spot basis to a © 2020 Gold Newsletter (Chart provided by Thechartstore.com) high on Tuesday of $1,870.
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