Before you start your celebrations, check in with the latest edition of the Weekly Wrap-up, where you’ll hear:
- What’s driving the coming rally
- Eric’s forecast for the U.S. dollar
- Plus: will September bring a trend change?
“There’s no doubt between the sentiment being as poor as it is, the technicals being as oversold as they are, the short position being as high as it is… those are three of the primary ingredients in suggesting that you should be bottoming here. And needless to say, we’ve had a decent rally already. I don’t know exactly what the low was in gold, but it seems to me it was at least down to the 1170s somewhere. Today we’re at 1210. So we have a decent rally going on here. So, no, I think that the CoT setup is good. There’s still a lot of volatility in the gold price… when I see it going down quickly, like in two and three and four minutes at a time, I always think of the hedge funds trying to manipulate the price of gold.”
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The iShares Gold TrustETF (IAU) fell $0.04 (-0.35%) in premarket trading Tuesday. Year-to-date, IAU has declined -8.07%, versus a 9.22% rise in the benchmark S&P 500 index during the same period.
IAU currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #2 of 35 ETFs in the Precious Metals ETFs category.
This article is brought to you courtesy of Sprott Money.
