Doc and Chris Temple discuss the big picture for the gold market and gold stocks
Doc and Chris Temple join us today to share their thoughts on the current pullback in the precious metals. We chat big picture for metals investors and how the US dollar is the key to watch.
Click here to visit Chris’s site to follow along with his newsletter.
Chris at TT has been making bad calls since March crash, his trades are loosing money and getting stopped out.
He got ton losses in both his swing trader and long term investing newsletters.
He needs to get back to basics and less time on interview trying to sell subscription.
Chris’s longer term precious metals newsletter updates around the PMs have been more on target than his shorter swing-trader newsletter updates for Gold & Silver, but he is a good technician overall, and I’m willing to consider and review anyone’s thesis and technical analysis, and don’t advocate blindly following anyone.
Everyone has to make their own decision on when to buy or sell any asset and should take full responsibility and accountability for those decisions, without blaming anyone else. Personally, I like to get a range of vantage points and opinions in the pallet of information to consider, which is why I post anyone’s TA. I don’t always agree with them, and sometimes actually disagree strongly, but I get just as much benefit out of reviewing information that challenges my thesis, as I do from those that agree with it.
It’s all just food for thought.
The bears are out lol..We won’t name them 🙂
Very rare I give a second gold update on the same day!
Ex remember I spoke back awhile ago regarding what i thought would originally happen with gold? Well the original thought was bang on and you live and learn but the good thing is, no harm in the portfolio as all things recover and we become buyers of which few investors understand except the smart folks here.
Canuck, Jerry , Matt and fellow contributors. The original plan was discussed here by myself with ex and others which Matt I believe also pointed out. It was a top second week of August and we came to that top within ya day or two possibly 3/4 good enough for a call. I explained this correction would be deep of which many did not think it would. Well it’s deep and long in the tooth lol but that’s fine. I mentioned the exact date of which the bottom would come in within that intermediate cycle and it will end up being just that. 3 weeks left and should come around week of 16 th of October. Look for news letters and YouTube videos or anyone and it will be rare to find such dates given. Gary got it right in the end but left plenty on the table same with Moriarty.
With all this being said. Ex you remember my original story was two red candles followed by green. I than switched it because the whole town including in here had me guessing with not a deep correction. Guess what? My original call was bang on! Lol
We are going to have 2 monthly reds and October will commence red and finish green. I have a target number for this low that has not been said by any person on Fibonacci retracement. My number comes from a pattern and countless hours and weeks of work. It’s lower then bills target and different from Gary’s calls. Also different from the targets you mentioned ex from vermon above..
Let’s see if it hits. I think next few days should see green but will end the month closer to $1846-$1860
Like Jerry said nothing but a healthy correction.. when this bottoms comes in as Matt said many will be bucked off again.
My personal advice would be to hold on before buying if your not a pro like Matt or ex in day trading. Wait for that final blood shed.
Glen
Hi Glenfidish – I responded to your post down below in the thread.
Doc, What do you think about Santa Cruz Silver (SZSMF), and Oceana Gold (OCANF) at these levels?
SCZ sold off last Friday before this precious metals correction. Then announced a private placement Monday–funny how that goes–complete with unnecessary warrants.
I’m still very constructive on SCZ Santacruz Silver for the medium to longer term, as that private placement was to fund underground equipment for their 3rd (and highest margin) mine = Zimapan. With Silver in the mid $20’s they’ll be doing quite well in their operations and they’ve also divested non-core assets over the last 2 years to pay off old debt, and while nobody likes warrants attached to private placements, we see them in about 90% of the capital raises as the incentive for the stakeholders to take part (so from that standpoint they are often necessary to get the other party to agree). I still respect the rare companies like Minera Alamos that can do financings without warrants, but those are very few and far between.
Bottom line, if folks are bullish on Silver and believe it will stay in the $20’s or move higher, then SCZ is a fantastic way to play it, and they’ll have excellent torque to rising prices.
The rising silver prices does more for the margins (on a percentage basis) for the higher cost producers, than the lower cost producers, which is why companies like Endeavour Silver, Impact Silver, and Santacruz had such big runs in 2019 when Silver ran from $15 to $19 the first time, and then had such big runs earlier this year when Silver took off into the mid to high $20s.
I added more to all 3 of those lately; adding to SCZ on Friday’s selldown, and adding to IPT and EXK today.
I ended up doing more buying today than I expected to do, and fortified a few of my key positions in advanced developers [Alexco, Discovery Metals], added to a handful of the producers [Silvercorp, Silvercrest, Endeavour Silver, McEwen Mining, Impact Silver, Superior Gold, and Coeur Mining], and added to Metalla and Maverix, but trimmed back Nomad Royalties.
The producers are still set up to surprise the markets with their Q3 results when those operational reports hit the newswires in 1-2 months, and it is interesting that many didn’t run very hard to the upside when gold & silver went parabolic from July into August, but they’ve pulled back far harder as gold and silver have corrected down the last week or two.
Today was a sharp selloff across the board, continuing the move down from Monday’s corrective dip. As a result I’ve used up a great bit of my dry powder today, but have a little bit more left to deploy if we see more selling throughout the week.
If we go lower for longer for a month or two in addition to what we’ve already seen the last 2 months, as some pundits think may be possible, and Gold gets below $1800 and heads to $1780 or $1750, then I may have to dip into the deep reserves to scare up some more trading munitions. If this was the worst of the damage though, then I took full advantage of adding into the selloff. We’ll see how it goes…
Interesting that you are back into MUX. They back down in the penny stock range.
Currently their production is so low that they can‘t make any profits
Yeah, I must be crazy for getting back in MUX (the definition of insanity, according to Einstein, was doing the same thing over and over again expecting different results.)
McEwen mining has done a bad job for the last two years in getting their 4 mines to work as planned, have had personnel changes associated with new changes, Argentina has been a basket-case, Mexico had their Covid-19 lockdowns earlier in the year, and even their Nevada & Ontario projects didn’t work as advertised.
I’ve been invested for 3 prior runs over the years (1 MUX run was profitable overall, and the other 2 runs had a few good trades to scalp profits, but ultimately I sold those core positions at a slight loss). 4th time a charm?
This time my thoughts were that Rob has got to be disappointed that his name is directly associated with a company that has floundered and faltered during the best bull market run since a decade ago, and I expect to see some decisive action to right the ship. Despite Gold making a new all time high, and Silver breaking out to 7 year highs, and Copper back to $3, MUX is still in the penalty box for bad quarter after bad quarter of operational results.
Now that the 3rd quarter has had elevated metals prices from July – September, my bet is that maybe they did better than the market is giving them credit for, and when they report their 3rd quarter operations in month or two, that maybe we’ll see green shoots and even a profit. Even though I’ve been vocally disappointed in the past with their results, I’m giving them one more chance to be a phoenix and rise from the ashes.
The other thing that has frustrated many about Rob is how he openly trashed the Streamining and Royalty company model over and over again, and so refused to a deal like that for capital in exchange for stream or NSR when his share price was 3 times what it is now, because he felt it stole margins from the company. So instead, he’s done dilutive financing after diluting financing for years, and liquidated the companies only profitable asset in Great Bear profits to keep the lights on.
Just 2 weeks ago, there was yet another of these finances, when their share price was already skimming along the bottom. Maybe they should have done a metals stream or royalty a few years back and they could have invested in the infrastructure and team necessary to make their operations profitable during the last few years of surging metals prices?
___________________________________________
(MUX) McEwen Mining Announces Closing of Financing
by @nasdaq on 10 Sep 2020
“McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to announce that it has closed its previously announced “bought deal” private placement in the upsized amount of 6,298,166 common shares of the Company that will qualify as “flow-through shares” at a price of US$1.65 (Cdn$2.18) per Flow-Through Share for total gross proceeds of US$10.4 million (Cdn$13.7 million).”
https://ceo.ca/@nasdaq/mcewen-mining-announces-closing-of-financing-49273
Financing at C$2.18 wasn‘t so bad
I agree on streaming deals with Rob -:)
Their production is so low at the moment that I think even with $2000 gold they make no profits
I don’t completely agree with Rob that the streamers and royalty companies being the bad guys in the space, because they often provide much needed capital to growing companies where there is not a finance window open, and that can make a big difference when trying to move a project to the next phase, or during the rough years to just stay operating as a producer or developer. There are so many examples of quality companies that are doing well today that needed to access the funds from a royalty company, or quite often when a key project is acquired the selling company retains a royalty, that may later be picked up by a royalty company.
Yes, the stream is usually against the non-core metals that are co-credits and does affect future margins, but sometimes that is many years off, and by doing capital raise after capital raise like Rob has done it dilutes the crap out of existing shareholders and beside the performance issues with MUX is a big reason they’ve continued to push their share price down for the last few years, when the vast majority of producers started heading higher with the gold prices. McEwen Mining would have been FAR better off having taken money for a royalty back in 2018 or even 2017 a much higher prices, rather than being stubborn as the share price dropped year after year down to it’s lows this year, and while the recent financing was above the price when it was excuted, it is still more 6 Million more shares, and more dilution – kicking the longer term shareholders in the pants once again.
Doc – Did you see (EXK) Endeavour Silver went on fire-sale today and was in the $3.20s-$3.30s most of the day?
Personally, I added more to the position today, that I started back a few weeks ago.
Pardu, I own OCANF and have owned it for some time—I added a little to my position 1 week ago and plan on adding a little more on the impending move lower in the near future. I don’t own SZSMF but have in the past. It appears it wants to move lower—I’ll consider purchasing it then.
DV Dolly Varden holding up far better than most in the sell off today
Good point on DV Chris.
Yes, I’ve been scanning down the portfolio looking for outsized pullbacks, and keep noticing Dolly Varden holding up well on tough days, and it’s still well in the green overall in my portfolio, after having a stellar run in 2020. I’m just hoping it doesn’t accelerate to the downside, like a parabola, but so far so good.
A technician over at ceo.ca had this chart a few days back warning of a bearish divergence down to the low $.80s and it looks like that is playing out as mapped out.
________________________________
@Quaid – “I hate to be the “bearer” 🐻 of bad news (pun intended), but the $DV daily chart is displaying a clear bearish divergence with a rising price trend and falling RSI trend. Look for Fibonacci support in the low .80’s for the short to medium term.”
I’d submit that there is a lot of congestion around the $.72-$.74 area from that scouting party of wicks on the candles from late June – July, so that may be a place I’d consider adding if DV pulled back down to that level.
My broker just announced that it will increase margin requirements by as much as 35% above normal margin requirements leading up to the election due to anticipated increased volatility which is already happening. If many other brokers are doing the same, this could account for the breakdown or at least the severity of the declines of the last two days. There is always big and connected money that knows about these things before everyone else and takes full advantage.
I bought a handful of names today but am not calling a bottom (though a bottom could be close).
Mathew, is this a margin call–your broker demanding more cash on current holdings purchased with margin? Or does the increase apply only to future purchases?
Thanks.
No, it’s not a margin call but will cause margin calls if those carrying a lot of margin debt don’t make some adjustments to their accounts. The change will be implemented gradually daily beginning on 9/28 and will be complete by 10/23. It applies to all accounts.
Yikes. I have a fair amount of margin debt after using a great deal of those funds the last 2 days, so a raise in margin requirements will not be good during a corrective move in the metals. Thanks for the heads up Matthew.
Goof Ball Bastards……And some idiot said there was no manipulation
https://www.zerohedge.com/markets/jpmorgan-pay-record-1-billion-settlement-over-precious-metals-treasury-manipulation
I figure JP Morgan owes each of us a billion for their fraudulent activities.
ditto………..
Wonder if Bob Moriarty still insists there is no manipulation? It will continue until the fines or penalties become personal, instead of corporate.
Need jail
I sure would like to know, since, there was quite a debate , back several years ago.
So 6 months of gains wiped out in a few days? What has changed? Nothing. Be right and sit tight. Only one group could have done this in a few days and you know who they are.
Chris, can you watch this discussion between Brent Johnson and Steven Van Metre and explain to me who is right, these individuals or the fed? The link is: https://youtu.be/h_HCIyc6MaA
The fed’s quantitative easing is said to bring liquidity into the market and is inflationary by nature, but these individuals say it is the exact opposite, that the fed is removing liquidity. I am perplexed can you help explain it to me?
Will do as I can the next few days, pardu . . .a subject I’ll be writing about soon, in any event.
As I said a few days ago on here, those who are (again) calling for high inflation/hyperinflation must explain why such has NOT occurred in a place like Japan, despite 3 decades now of easing, negative rates, debt-to-gdp much higher than the U.S., etc.
Fed hyperinflation has led to bubbles, overcapacity, and necessarily resulting deflation in real estate/mortgages (though they have reinflated some) … energy sector … and arguably again in the “Everything Bubble.” As I also discussed on here in the recent past, this money printing is pointless, if not counterproductive, when there is no “transmission mechanism” to get it to the Main Street economy and real economic activity.
I agree with you Chris. There will not be any hyperinflation as there is, as you write, no transmission mechanism to get the newly printed money to Main street and real economic activity. The money goes to the banks and banks only.
Only “hyperinflation” of note is asset prices and debt…which deflation MUST automatically follow when gravity kicks back in.
Will this deflation also effect the gold, silver price to the downside only temporarily leading to higher prices in the long run?
Ill repost from Aug 3rd.
DJIA up 773 points so far this week, entering total mania territory with valuations and sentiment completely unhinged from any rationality or fundamentals, while we remain convinced that the current rally in stocks is just a bounce from the March low and, much more important, our key Indicators remain longer-term bearish with some at 20-year and even historic extremes.
Increasingly weaker advance/decline statistics are evident, at levels which usually coincide with major reversals.
Keep in mind that when stocks swoon lately, if even for a half-hour, and going back months or more, so do gold and silver. Remember March of 2020? It’s not different next time.
Everything is in a wildly speculative bubble now.
We may add another general market short soon, when the timing seems right.
The next Years will ( Beautefull ) to GOLD and Silver ! You boys mast Agree ! The Owl !
Franky! (I thought you were James now) 🙂
Buy Gold, Buy, Buy….
If you like catching a falling knife Excelsior.
$1800 is next target. PMs stocks crushed today. 😊My cash is making money!
Hi Bill. That’s an old KER blog joke with Franky, as he’d get on every week and say “Buy Gold, Buy, Buy…”
I’m not actually advocating to buy gold here, but agree that the low $1800’s would a be a good opportunity. I don’t buy or sell the metals much, and mostly just trade the miners. Yes, the PM stocks got crushed today, but I was actually buying some of them into the weakness.
Cheers!
P.S. – As for Cash, I’ve raised a larger pile of cash denominated in US Dollars than I’ve ever had over the last 2 years, but it isn’t making me much money at all with these insanely low interest rates, that punishes all savers. If anything my Dollars have lost purchasing power this year, but compared to most asset classes it has been pretty boring, which is actually a blessing in these crazy times.
Tanks Boys ! Nice AL and Cory ! free me from the lockdown Only America !
Lol
Will post if i see a solid bottom and will be looking for your guys feed back too!
Sounds good Bill. I just now saw your response from a few days back, but I agree there was a time for taking profits a few months back, and was discussing and doing just that from late July – mid August, but I started adding back in late August through early September, and then have done more adding this week, as the correction has dropped the mining stocks hard.
Please keep us posted when your guys are ready to start buying again and hopefully I haven’t already blown my wad by then. 🙂
Gold is just fine………. 🙂
Gold & Silver Takedown
September 23 (King World News) – Alasdair Macleod: Eric, I welcome the smash-down in gold and silver because it is probably the last opportunity for ordinary people to acquire more real money cheaply before paper currencies increasingly lose purchasing power and move towards a final collapse, which is increasingly certain.
Humm let’s see……….
2015 ,,,,,,$1048
2020…….$1800
1971……….$35
GSR…………..82 ……..(appox)
oops………$21plus silver……….
GSR……………..84.41
$21.666……..funny,these guys are sick,,,,
666: What Does It Really Mean?
666 refers to the anti-christ. I doubt it’s Mark Zuckerberg. Empwowered by Satin, this global leader shall arrive in the name of peace…
Hahaha too funny.
“Anus and Gold have the same numerical value. I once discovered this while casually calculating”.
I won’t dwell on the implications of gold $1570 in the current era 🙂
Buzz – that was the point of that research, that in fact the 666 was Gematria for Nero based, who was seen as a anti-christ of sorts in Roman times by the people of that day, much like Trump or Obama have been labeled as such by detractors of today. People often divorce the historical context of ancient stories and myths, and dismiss it outright, or more often try to force it into the time period they live in. 1000 or 500 years ago people felt the book of Revelations applied to their time period and used their context as proof that tribulation was imminent, just like people today think micro-chipping or digital tatoos relative to corona virus vaccines tie them to signs in this old story today.
CEO of nuthin – Yes, that part about how Gematria translates Gold into 1570 was quite interesting, and again, it’s easy to make the leap to modern times and tie that to a 1570 US Dollars as a value for our current era. An interesting notion, but it would be surprising to see that level again anytime soon. Cheers!
The margin accounts are in trouble, speculation can’t be stopped because they can’t raise interest rates. Look for a dizzying drop in prices soon. When you start cutting margin accounts you are cutting the future of your economy. DT
This is a pretty simple concept but if you can’t raise rates to control your economy, which means stopping excessive speculation, you have lost your economy. The crash must be very close! DT
DT – You’re freaking me out man! (I just bought some miners today on margin into the weakness).
I’ve been following the Wiley Coyote strategy for leveraged trading:
Sorry Ex, just having a little fun! DT
Sorry for the double post guys! Wanted to post down here..
The bears are out lol..We won’t name them 🙂
Very rare I give a second gold update on the same day!
Ex remember I spoke back awhile ago regarding what i thought would originally happen with gold? Well the original thought was bang on and you live and learn but the good thing is, no harm in the portfolio as all things recover and we become buyers of which few investors understand except the smart folks here.
Canuck, Jerry , Matt and fellow contributors. The original plan was discussed here by myself with ex and others which Matt I believe also pointed out. It was a top second week of August and we came to that top within ya day or two possibly 3/4 good enough for a call. I explained this correction would be deep of which many did not think it would. Well it’s deep and long in the tooth lol but that’s fine. I mentioned the exact date of which the bottom would come in within that intermediate cycle and it will end up being just that. 3 weeks left and should come around week of 16 th of October. Look for news letters and YouTube videos or anyone and it will be rare to find such dates given. Gary got it right in the end but left plenty on the table same with Moriarty.
With all this being said. Ex you remember my original story was two red candles followed by green. I than switched it because the whole town including in here had me guessing with not a deep correction. Guess what? My original call was bang on! Lol
We are going to have 2 monthly reds and October will commence red and finish green. I have a target number for this low that has not been said by any person on Fibonacci retracement. My number comes from a pattern and countless hours and weeks of work. It’s lower then bills target and different from Gary’s calls. Also different from the targets you mentioned ex from vermon above..
Let’s see if it hits. I think next few days should see green but will end the month closer to $1846-$1860
Like Jerry said nothing but a healthy correction.. when this bottoms comes in as Matt said many will be bucked off again.
My personal advice would be to hold on before buying if your not a pro like Matt or ex in day trading. Wait for that final blood shed.
Glen
Hey Glenfidish. Yes, you had a good call about the top being the 2nd week of August. As I mentioned to you in those chats, I was trimming back winning trades from late July through mid-August to raise some funds. Overall I did good in preserving capital which I used to repurchase trimmed positions from late Aug – mid Sept at much lower prices, so I’m glad I didn’t leave those positions untouched. 😉
As for the 2 red monthly candles for Aug & Sept, and green for Oct, it looks like you may be right. I was in agreement with you about the August red candle, after 5 prior green monthly candles preceding it, but thought September would bounce back, and it didn’t. There was a technical case to be made for a compression triangle up until about 2 weeks back, that easily could have broke to the upside, as easily as the downside. The move is clearly down though. I was in the camp of another leg higher before a more meaningful correction, but was incorrect in that assessment, but I’ve been buying the weakness yesterday and today (and even some in Friday).
I’d disagree that Gary S. got it “right” as he’s been expecting a big move down to $1750 in gold for about a month now, when it really just whipsawed up and down in a range all that time, and there were a few good trades to the upside in that time period that people listening to him missed. As you mentioned he left a lot on the table and his timing has been off for when the top would come and when the correction in price would escalate. Gold and Silver are only now pulling back down the last week or so and are still far above his targets, so saying he got it right is a stretch.
I also don’t consider the move in Gold down so far to be that “deep”, or the term you had used of “scary.” As I mentioned in July and August, if Gold pulled back down to $1377, then that would be “scary” but a move to the mid to low $1800’s is just a normal and healthy correction. Corrections are never fun, but so far this correction had been happening more in time than price for the last 6-7 weeks, and only more recently did much plumbing of lower prices finally pan out.
We’ll see how things go over the next few weeks, and we’ll keep an eye on that Oct 16 date you suggested as a turning point. My observation would be that often corrections in a bull market are not as long or deep as they would be in a bear or channeling market, so the selling may get exhausted sooner than some expect.
Wishing you as always good trading, and I appreciate you sharing your perspectives and projections with us. Cheers!
Glen………….good call
No worries DT. I knew the risks when taking on the margin, and have the funds to apply should it get called. Overall, I agreed with the point you were making about cutting the margin accounts and future speculation to reduce the speculative fury ahead of turbulent times. I’m ready to sail the choppy waters.
EX, you are not the only one buying here…..tonnes of deals and sophisticated folks buying into this massive puke-fest. The market is now VERY biased to the downside….which means it “might not” actually do what everyone thinks it will do. Yes there is damage….but this is gooooood;)
EX…this PM plunge could also be signalling a much deeper correction in the general markets…..yikes!
Yes, a deeper correction in the general markets is overdue and the period of time we are moving into with the polarizing US elections, continued business shutdowns, and more people filing for unemployment again, doesn’t bode well for continued growth to infinity and beyond. Investors will be getting more defensive, and this will underpin dividend paying stocks, the precious metals, crypto currencies, certain REITs, and farmland.
I am also confused why the general markets don‘t correct more -:)
I was expecting lower miner prices with a general sell-off
Confused – Agreed on the tons of deals in the market as a result of the downward biased market puke-fest. Yes, the market likes to inflict the maximum amount of pain and dash the outlooks of bulls and bears alike, interrupt trends, break correlations, invalidate chart patterns,, throw of cycle counts, throw off wave counts, ignore good and bad news,, and thus it’s possible the lower targets many have won’t be reached. That was my thinking as well today and why I ended up buying more than initially planned, just in case the pullback isn’t as deep or long as some are projecting. Most pullbacks are more shallow than folks expect in a bull market, and so far there is nothing that’s transpired that invalidates the larger bull market.
Wishing you prosperity in your investing.
Gold Price Will See Tsunamic Increase Despite Dips, Says Billionaire Investor Frank Giustra
Stansberry Research – Sep 23, 2020
“In part two of his exclusive interview with Stansberry Research, Canadian mining maverick, Frank Giustra says the gold price is headed much higher than its record highs of $2,075 an ounce.”
“You have all of these trillions of dollars sitting in bonds. Where’s that money going to go when it starts to panic out of bonds? It’s got to go to gold and other hard assets.”
Money laundry expert Frank G…….really
We already know the price is going higher , that is a no brainer…..JMO
Sorry , to see DG, lowering the standard with the interview.
Well, Franky G. did a pretty good job at the helm of (LMC) Leagold, that was scooped up by (EQX) Equinox earlier this year, and he does invest in both bullion and other mining companies, so he’s a high profile guy for Daniela to bring on Stansberry.
He did real well on uranium one…lol…. and with Hilly and Billy,,,,, 🙂
Agreed. 😉
Still there is more to a man than just one transaction. He also ran Lionsgate Films, has his own line of Olive Oil, and worked with Goldcorp, Endeavour Mining, and Leagold.
He doesn’t strike me as nearly as sinister as the Clinton criminal family, and he legitimately is a philanthropist, regardless of giving to their terrible foundation.
I think Lion’s Gate is another perversion,,,,,,,,,,
You can do a lot of rigging , with a couple Billion dollars, ,,,,,,
It is hard to give Frank any credit, when behind the scenes , it is not all good,,,,,running with crooks and shifting money around,,,,,It, is not hard to buy in, squeeze in any company.
Well based on that interview he is doing more cooking than rigging lately, and I got an investment idea out of it for Caldas Gold, so it was worth the watch IMO.
I am not listing to one second to that guy…….JMO
🙂
Understood, and I respect that, but I hate that you aren’t going to get to see the pictures of Franky G in an apron. (lol!)
🙂
Ever upward, as you would say,,,,, 🙂
Gold Setting Up Just Like Before The Covid-19 Breakdown – Get Ready
September 23, 2020 – Chris Vermeulen – The Technical Traders
– Gold rebounded quickly and broke to higher prices after the COVID deep selling.
– Our Fibonacci support levels for Gold are resting near $1,885, $1,815 & $1,790.
– More downside pressure on price is possible, but if support is maintained at $1,885 then we could see a big upside recovery trend take Gold to $2,250.
https://www.thetechnicaltraders.com/gold-setting-up-just-like-before-the-covid-19-breakdown-get-ready/