Gold Vol Finally Panics — What’s Next?

There yet?

Gold rallied roughly 30% from late August into the October highs, pushing into the upper end of its trend channel. The latest squeeze has delivered a similar ~30% gain, with price once again tagging the same channel top. Momentum is stretched: RSI is back near its most overbought levels, albeit still slightly below the extremes seen at the October peak. In early November (here) we laid out our gold trading squeeze logic, noting that October had seen an exodus in gold (chart 2). This is starting to feel the inverse...