Sentiment towards the precious metals complex remains overwhelmingly bullish, which is hardly surprising given the strength of the price action.
More Quotes from Alan Williamson:
It may well be that the stalling in the gold price rally over the last few days reflects a slowing in inflows into the various exchange-traded funds. With the major source of gold buying drying up over recent days it is hardly surprising that the gold price rally has stalled.Alan Williamson
Given the increased correlation between base and precious metals over recent months, any further weakening in base metal prices would be a distinct drag on gold.
Alan Williamson
The sharp price falls have seen the beginnings of some bargain hunting by consumers and investors, although whether this will be enough to turn the markets higher remains to be seen.
Alan Williamson
With many of the factors that were considered bullish for gold still in place, the risks for gold are weighted to the upside.
Alan Williamson
Today, it's been very quiet all day - no real direction. I think it's going to remain sideways until someone hits it either way.
Alan Williamson
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