GLD fills one of the gaps we speculated upon yesterday. Now the reversal and all’s fine in Goldbugville? Maybe, given that yesterday was triggered by news and a policy maker’s b/s, which is typically not sustainable.
But what really made gold decline – along with most everything else is… yes, you got it; the air came out of this mess because unhealthy, soulless players who just could not stand watching the fun anymore have been grudgingly coming back into the markets. Their punishment was all but assured sooner or later. Gold has not been special of late, it has been another ‘play’.
The momos should not want to see the upside gap filled yet but they are the momos and they will probably cheer this. So I will not be at all surprised to get the lower gap subsequently filled as well. Then? Higher we go sans the momos.