The resilience of the Gold bull market is certainly impressive, now back again near all-time highs despite a notable relaxation in the massive risk aversion seen last week
Interbank analysts remain of the opinion that central banks are still the big players here and that they are unlikely to be buying again until the market dips back towards $1625/$1650. We heard reports earlier in the week of Chinese retail buying in the physical market but profit takers on the $1800 handle are expected to be very solid.
Therefore a broad bullish consolidation between $1625/$1850 seems the most favoured strategy before the next move higher to $2000, or $20000, or whatever.
