This week I am travelling across many time zones for meetings and have to apologize for the delay with Weekly Update.
Executive summary: the bearish outlook for gold has not realised, for now we keep our bearish stance as the boundaries have not being violated yet. The case, however, is close to being invalidated.
Gold rallied las week despite (or because like people focused on fundamentals tend to think) the turmoil in stock, crypto markets and geopolitics. In our analysis, we had to fall back on our wxy orange case (the chart below).