No Signs of a Bottom “Yet”

May 26, 2023

by David Brady Sprott Money

This is the current state of play in Gold:

[…] The green trendline support is at 1950 on the daily chart. If we close below there, it’s either a fake breakdown, which would be bullish, or we’re down to lower levels. Alternatively, 1950 holds on a closing basis and we have a potential bottom in place.

The RSI is neither positively divergent nor extreme oversold.

Sentiment remains moderately bullish, which provides no help one way or the other.