I like your optimism on gold but today of all days there are probably a lot of short term traders lined up on both sides but maybe many shorts. . Shorts and longs. With the high rate of expectation the Fed will raise rates and if they don’t well likely see shorts covering and volatility well anyways would see swings in price. Also they may claim the expectation of rate hikes is priced in but did they price in any talk about one of future rate hikes? Either way can’t go down forever. Well it could but not likely.
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