We are still attending a mining conference in the U.S., hence our service remains limited.
The sell-off that began just before Jackson Hole has now intensified. Gold has broken below USD 4,235 and moved sharply lower, opening the door to a test of the USD 4,050–4,100 support zone.
As long as prices remain below the 50-day moving average, the correction is still in play. Exercise extreme caution.
Gold appears deeply oversold in the very short term, but additional downside toward USD 4,050 - and potentially USD 3,950 - remains plausible.
For now, the risk/reward is unattractive: it is too late to initiate fresh shorts, yet there is no confirmed long setup. If you are not already short, remain on the sidelines and preserve liquidity. Liquidity is king.
