'Gold’s big drop is just the beginning of a longer slide,' writes MktwHulbert
Gold’s short-term direction is down, according to contrarian analysis. This forecast has nothing to do with Thursday’s big drop in bullion’s price. It instead traces to the gold timers’ recent jump onto the bullish bandwagon. From a contrarian perspective, of course, that means that the path of least resistance over the near-term will take gold prices lower.
Prior to this recent jump, in contrast, as you can see from the chart below, the HGNSI stood solidly in the middle of the pack. Between early May, which is when bullion registered what so far is its 2019 low, and earlier this week, the HGNSI averaged 24%, which is equal to its average level over the last two decades.
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