Healthy Correction

November 14, 2023

by Alasdair MacLeod Gold Money

This week, gold and silver extended their correction of October’s sharp rise. In European trade this morning, gold was $1953, down $24 from Last Friday, and silver was $22.54, down 66 cents. Comex volume in both contracts was moderate.

Open Interest in both Comex contracts has been on the low side for some considerable time, evidenced in the two charts below.

[…] At the same time, prices have broadly maintained their levels represented by the widening visual gap between prices and Open Interest in the charts above.

Furthermore, gold’s technical chart below is immensely bullish.