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Has Spot Gold Hit a Significant Low?
There is nothing substantial in the price action that a gold bull can get excited about just yet, although SPDR Gold Shares (GLD) has remained positive for most of the session so far, after making new multi-year lows overnight.
Apart from that little bit of positive behavior, any other optimism emanates from anecdotal evidence, such as glaring positive momentum divergences hourly, daily, and weekly, and my 5.5-6.0 month cycle work, which expected a significant cycle low in early May, give or take 3 weeks—that still indicates gold is in a cyclical-bottoming window.
That said, my suspicion is the low in spot gold will come after a rally to $1340/50, followed by a successful retest of the $1269 low.
Thus, for the time being, my decision is whether or not I think there is enough evidence to add a short-term long position to my longer-term hold in a gold-related instrument?
Maybe, but first I want to see how gold navigates today's final hour of trading.
