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Gold Bulls Capitulated

Published 08/16/2018, 08:27 AM
Updated 07/09/2023, 06:32 AM

Gold bulls have capitulated. The only bullish gold investors left are probably permabulls and contrarians. The same applies for silver bulls, platinum bulls, and palladium bulls. In a nutshell, the entire metal space fell apart yesterday. Sentiment readings are showing disastrous figures for all precious metals.

At the same time, Elliott wave structures are showing (near) terminal patterns for the very same metals. We may be a bit early here but we are most likely near a bottom. A cross-market picture looks best if we see some divergence in the metals spectrum. This means that some models are bottoming right now whereas others will do so in a few weeks after another up-down sequence.

All in all, gold looks like an attractive risk/reward setup from a month ahead perspective. We expect at least the biggest rebound since April nearby.

Gold TA

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