Short term price trends will continue to largely depend on gold.
More Quotes from Yingxi Yu:
The market has been rising without any major correction since late last year. This sort of correction was largely anticipated and it could be taken by some as a healthy feature to the market.Yingxi Yu
The weaker (gold-dollar) correlation late last year and early this year was due to the overwhelming enthusiasm among the speculative community to drive prices higher.
Yingxi Yu
The downside appears quite limited at present...There are factors pointing to further gains in the gold market in the short term.
Yingxi Yu
Any price dip has been quite well supported by fund buying, and aggressive selling has been discouraged. The positive sentiment remains very strong and people are looking for further price gains.
Yingxi Yu
Technical trends are looking very strong and people find it very risky to go short right now. I think that's why the rally has been continuing.
Yingxi Yu
We expect the market to remain in consolidation mood for now, though thin trading conditions ahead of the long holiday weekend could well spark big price movements.
Yingxi Yu
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