We consider what we think is the main reason gold is down and also look at the most probable scenario for this year. Access to full article requires Premium Articles subscription.
Gold performance during this stock market crash has disappointed gold bugs. Specifically, while SPY ETF is down 23.4% in just 30 trading since February 24 2020, GLD ETF is down 2.5%. The gold rally towards $2000 gold bugs were expecting did not happen and the precious metal did not provide any protection against equity market losses.
Below is the main reason gold did not rally in our opinion and the most probable scenario for this year regarding price action in this precious metal.
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Specific disclaimer: This report includes charts that may reference price target levels determined by technical and/or quantitative analysis. No updates to charts will be provided if market condition changes occur that affect the levels on the charts and/or any analysis based on them. All charts in this report are for informational purposes only. See the disclaimer for more information.
Disclaimer: No part of the analysis in this blog constitutes a trade recommendation. The past performance of any trading system or methodology is not necessarily indicative of future results. Read the full disclaimer here.
Charting and backtesting program: Amibroker
Data provider: Norgate Data
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