Gold has rallied over $100 in the last two weeks, surprising the bearish herd and reinvigorating gold bulls with confidence that further price appreciation is imminent. However, gold is now short term overbought and may be due for a rest as price approaches important support/resistance near $1400:
This week the FOMC minutes are set to be released on Wednesday afternoon and Fed Vice Chair Janet Yellen will be speaking from Jackson Hole, Wyoming on Friday morning – gold is likely to pause/pullback ahead of these potentially market moving events. In addition, the most recent gold CoT data shows that the ‘dumb money’ is much less offsides than it was two weeks ago; therefore, some of short term upside ‘fuel’ has been spent.
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