I have been 'Bearish on Gold for last 2 months. I still hold short positions from $1850 and took some more profits yesterday!
As well as fundamental factors mentioned i think that it is being realised among 'general investors that the 'Returns' on Gold compared to the potential of Crypto Currencies is going to be a major factor going forward! All the older generation who have purchased Gold in 2020 during the adverts on TV etc have been 'Sold a Pup'! All these people who are older and don't understand the potential of Crypto in the future are now seeing their investments 'stagnate' under $2000 an ounce for perhaps the next year or 2 yrs or More! What is more..it looks like we could have a 'Double Repo Sell Lookalike on the Monthly chart when February closes! This could indicate 'much deeper retracement for Gold....perhaps back down to $1300 -$1500 area!
This could take 'Months'!? In the meantime...Crypto's and other investments are 'Rocketing'!!
.Bitcoin $50000 and climbing.!??