Gold at multiple supports + very negative sentiment.
The recent narrative in the main stream is sell your bonds because inflation is coming, and by the way also sell that yellow rock because the US10Y hit an insane 1.6% recently! (sarcasm), bonds are just mean reverting in my opinion and all markets do this. I see the bond and gold selloff as overdone. When sentiment gets this negative around gold it has resulted in a reversal and lasting uptrend. December 2015, September 2018, and now in March 2021 many calls for "gold is dead". Can it fall further to low 1600's, sure, but would expect institutions to start buying and bullion banks to start aggressively covering their short positions before this next leg of the gold bull market.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.