The video from Kitco news and Wagner can be found below.
To add to the analysis, I would highlight the volume trends shown in the below 6-month chart on the GLD.
As you can seem the volume on the recent pullback, which follows the breakout of the trend Wagner described, has been waning. To me this suggests that supply dynamics on the downside has weakened and that the recent pullback is more about the weak hands being shaken out of the market versus a renewed sustainability in selling. I view this dynamic as a positive indication that the price of gold is charting out a bottom.
To add to the analysis, I would highlight the volume trends shown in the below 6-month chart on the GLD.
As you can seem the volume on the recent pullback, which follows the breakout of the trend Wagner described, has been waning. To me this suggests that supply dynamics on the downside has weakened and that the recent pullback is more about the weak hands being shaken out of the market versus a renewed sustainability in selling. I view this dynamic as a positive indication that the price of gold is charting out a bottom.
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