Gold prices have been volatile today.
They fell sharply early in US trading on a jump in the US dollar and drop in equities. But the early angst has faded somewhat in all asset classes and gold has rebounded. From as low as $3929, gold has bounced to $3966, though it’s still down $35 on the day.
Zooming out, this continues to look like consolidation after a big run up in September/October. That said, you would like to see a stronger bounce off the bottom if the case is that we range in the $3800 to $4400 zone. Right now we’re skidding along the bottom of that.
The fundamental trade has been dented somewhat by the make-up from the US and China, along with the possibility that the Supreme Court could kneecap tariffs and that the Fed might pause. The flipside of that is that all those headlines were distinctively negative recently and prices hasn’t been hit that hard
