At the moment it appears to me they are deliberately pushing price down. I don't know who 'they' are, I don't know the reason, what I do know is for years rumours have circulated that gold is a manipulated commodity and the way it behaves similar to fx makes me believe that. Why it is allowed to continue is beyond me, perhaps it's the gummint protecting its fiat currency.
Up from here but gawd knows for how long, or should I say for how short. Ya can't see it in the chart, give up looking for signals from a price chart TA tea leaf signals. I'll say this, when gold looks the shittiest, usually that's a buy signal and vice versa. Silver usually a better bet, but not much silver stocks about though.
If so, then maybe they ought to be more concerned about bitcoin. One thing with gold that's playing at the back of my mind is this: 1970s - secular bull 1980s - secular bear 1990s - secular bear 2000s - secular bull 2010s - secular bear 2020s - secular bear? Within the 1980-2000 secular bear, there were cyclical bullish rallies. So, maybe 2019/20 was just one of these rallies within an ongoing secular bear market? I hope I'm wrong, otherwise we could be in for yet more years of disappointment.
Unfortunately I'm trapped underwater with gold stocks. IMO gold has been a waste of time past 19 months thereabouts, soaked up a lot of cash, been frustrating watching it yo-yo about, when I finally part ways it will be with some relief.
If US markets bottomed out last week Gold is going to struggle. I only hold one gold miner and it's an old position at a price likely to be long term support. As long as markets and the economy remain long term bullish, copper miners are a better bet imo. Day trading on a positive day in Gold still possible.
My observation, gold is a POS to trade because it wont correlate, in other words whether mkt is strong or weak, gold will finds its own direction. What gold does best is confuse everyone. Copper is a funny one, languishing atm, I'm not watching it very closely, I more look at base metals in general and imo base metals has just started a major rally.
It is a sad state of affairs, but not unexpected. When people hear "Canadian" they go nah. When they hear gold they go nah. Americans don't know what they would do with an ounce of gold? Of course not, because Americans have gotten so stupid over the past 30 years, it is a wonder this economy still functions. It is the fault of the Gez-Z and Millenials having kids like this, who are so busy complaining about their childhood that they do not have a childhood. How DARE you! As the Oracle said, it is all about CHOICE. You can choose to be informed, or you can choose to be stupid. How DARE you!