Gold: False Breakdown Suggests Bull Run Could Be Imminent

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Gold: False Breakdown Suggests Bull Run Could Be Imminent
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Commodities Analysis by Jordan Roy-Byrne, CMT covering: XAU/USD, S&P 500, US Dollar Index Futures, Gold Futures. Read Jordan Roy-Byrne, CMT's latest article on Investing.com

That surge occurred days after a bullish intraday reversal from $1823/oz on October 6 and a gap higher on October 7. ThenIn September, Gold broke down and lost support at $1900, losing the 40-month moving average and 50% retracement around $1850/oz.

The chart below from Jason Goepfert of Sentimentrader.com plots Gold and Managed Money’s net position. Managed Money is part of the Commitment of Traders Report .

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