Below are a few gold related EV charts that I cropped yesterday. We can see that they are all pointing down, even if traders prefer to buy PHYS over GLD.
So, even if July-September offer a bullish seasonal effect, I believe that the wild currencies moves greatly affect the price of gold and that it is probably best to wait for a trend change (TEV trending above its average and not below it) before buying the PM sector. Note that i updated the ETF and futures par of the EV web site, and the PM trends did not change since yesterday.
I also add the AA EV pattern, which is not too positive for base metals in general (but independent from gold).
Pascal
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