#gold #firstmininggold #preciousmetals #bullmarket #correction #newlow #bottombuilding #consolidation #shortsqueeze #FF #FFMG

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It has been a wild few days in the gold market. While we were too optimistic on Friday as gold was hammered down to a new 13-month low at USD 3,870, yesterday’s and today’s action prove that the bulls are still alive. The case for a tricky bottom somewhere around USD 3,900 to 4,000 therefore remains on the table.

Nevertheless, gold has been selling off hard for more than 10 weeks, and reversing this downtrend will take time and considerably more effort from the bulls. At current levels, we do not see attractive risk/reward for initiating new short positions. Rather, gold could rebound & recover some of its lost ground at any time.

https://floriangrummes.substack.com/p/gold-daily-call-for-november-3rd-ed5