You can see from the chart, there was a close above 1950 which was a bullish move, then immediately gold drops down below 1900, for no other reason than to deliberately throw a spanner into the works. My first post in this thread aluded to the tricky nature of gold trading. Too much manipulation in gold to make this enjoyable, such is life.
In no way I am being dismissive of the demand from India but the world is a big place and Gold trades in NY and London and Shanghai and central banksters get in the mix too, not to mention the other side of the equation supply which year after year goes higher. Then there are also cryptos nowadays. Lastly Gold doesn't pay interest and with rising interest rates becomes less and less attractive unless you believe the GoldBugger refrain inflaaaation is out of control, buy gold today, buy gold tomorrow, but gold next week. Or not.
Gold bug traders remind me of a young inexperienced men who expend lots of energy dating attractive women whom they find in the wrong places, who promise a lot but rarely deliver, but just once in a blue moon to keep the guy on the hook. Today's date. Left deflated again....
Silver which is imo one of the better gold bellwethers is showing signs of getting a leg up. Silver not so much a leading indicator, but when it moves faster than gold in either direction gives an idea on gold's sentiment. Right at the moment gold up 0.16% while silver up 0.7%. Normally when the wider market is bullish, gold is not, however today everything is looking bullish. A silver close above 26 would be encouraging, this would then have the majority of silver stocks above MA200. It was not that long ago gold was the most bearish sector in the market, that has flipped and is looking as the most bullish. Metals in general and Energy, also defensives Healthcare and Utilities are bullish.
Today was one of the most general across the board bullish days seen in a long time. Shorts were obviously red and so were Utilities which was really just having a rest day.
A strong USD usually correlates to weak gold price, not this time. There are many false theories about gold's correlations, gold will correlate for short periods of time with other instruments, but gold has a habit of finding its own path, the only real correlation it has is with silver, but for how much longer....????? No one knows. So USD is going gangbusters, so is gold. Silver still lagging but catching up fast. Gold most likely to hit 2000 Monday imo.