by Stewart Thomson
1. America was built by “citizen champions”. Should the current gold price action be described in a similar way, as a “rally of champions”? I think so.
2. Technically, gold is arguably overbought. It may be due for a correction according to cycle analysis, and yet the world’s mightiest metal just keeps moving relentlessly higher.
3. Please click here now. That’s a snapshot of the SPDR fund tonnage. Solid buying has boosted the holdings to more than 820 tons.
4. Also, a potential “rally accelerant” has suddenly manifested itself, in the form of an end to the Indian jeweller strike. Please click here now. Double-click to enlarge this key four hour bars gold chart.