Beware of false breaks in gold
The rebound in the stock market has triggered several breadth thrusts, which signal more upside in the immediate future. It is not a coincidence that Gold and Silver formed nasty reversals around the same time.
The nature of Gold is one of quite a few false breaks before a big move in the opposite direction. Let me return to that point in a moment. A sustained move below $1800 would not necessarily be a false breakdown, but we have to be careful about over-emphasizing bearish chart moves in the context of looming bullish fundamentals.
But the history of Gold includes many breaks that did not pan out. I showed you three, and another was the breakout to an all-time high in the summer of 2020.
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