Gold climbs to the highest since March 1

By Adam Button3 days ago

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Just when everyone got bearish

Gold is up $18 today to $1755 and briefly broke then mid-March high of $1755.50. A close above that level is key for the next move in gold.

If confirmed, it would signal the double bottom at $1680, which was touched for a second time last week. The measured target of the move is $1840, which is another 4.3% from here.

Anecdotally, sentiment around gold has gotten negative fast. I'd even classify some of it as exhaustion or disinterest. Some evidence of that is that implied volatility is at the lowest in a year.

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