The bids for gold have returned
What a chance in sentiment on gold since the start of the month. In late November, gold couldn't hold a bid for more than a few hours but now every dip is being bought.
Part of that is that the US dollar is struggling so badly but it will be interesting to see what happens next. Gold is now running into the old support levels (now resistance at $1848/1850). It stalled there earlier today and quickly dropped to $1823 but it's since bounced back to $1840.
It's being kicked around by stimulus talks in the short term so that might be what swings it. The latest headline is that influential Republican Senator Lindsay Graham supports a $908B stimulus program so there's more progress.
"I will support what Senator McConnell wants to propose but it doesn't have any Democratic support. I'm tired of doing show votes here. Mitch doesn't want show votes, i don't want show votes"
As I wrote on November 30, there's a good seasonal case for buying gold.
