Gold Just Flushed $13.7BN — And It’s Still Standing

Gold technicals

Gold bounced cleanly off the 50-day and the longer-term trend line. We’re now trading at the highest levels since that bounce, hovering around the 50% retracement of the large down candle. So far, this has been a textbook rebound as positioning resets.

Our base case remains unchanged: gold likely needs more time to consolidate. $5,200 stands out as major resistance, while $4,800 marks key support.