Don't expect seasonality to save gold's bacon

21 Nov

We're at that time of the year that gold tends to outperform. Yet with bigger drivers behind the wheel, I doubt that gold's 5% rebound will extend through to December. In fact, I'm now looking for short entries. Using stats from seasonality, ETF flows and market positioning, I outline my base for bears before highlighting key levels for them to consider.

MS.

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Gold rallied to the upper resistance zone around 2700-2720 before printing an almighty bearish engulfing candle, to mark its worst day in four years. Prices are retracing higher once again, but I suspect bears will continue to fade into moves within the engulfing candle high. We could be looking at a retest of 2400 before a new all-time high is set.