Gold Daily Chart
This is an incredibly price-bullish setup. Buy Gold.
Mike "Mish" Shedlock
Long GLD when volatility subsides and the 10 yr yield declines.
I hope so, but I'm not betting on it.
Why is this happening? Surely those shorting gold must know what they're doing. Or at least they think they do. Or have people with no recollection of the 1970s (nor the 1930s) taken over the "controls" of the hedge funds, and somehow believe that rising interest rates are bad for gold? Algos and momentum chasing gone awry?
GOLD is spelled with an "O". GLD is not GOLD!
Try GoldMoney :-)
Let's take a stock which is heavily shorted, say TSLA, is that extremely price bullish? Of course not, neither is a heavily shorted GOLD position.