Over the two trading days gold futures have traded below $1700 and, on both occasions, recovered closing above that case psychological level. So, it is not illogical to wonder whether or not this price point will become a sustainable level of support or simply a pause before gold heads to lower prices.
In both instances, gold traded to a low of approximately $1678. At the beginning of March 2021 gold traded below $1700 for three consecutive days before it moved above that price point. During the second instance that occurred at the end of March gold broke below 1700 and then on the following day open below 1700 but closed well above that price point.
The chart above is also a daily chart of gold futures. It references the same instances when gold broke below $1700 per ounce on three occasions. However, it highlights those lows which indicate that on each occasion gold broke through $1700 and did not find any price support until approximately $1780 per ounce.
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Why would it? It's still over $1900 an ounce for physical gold. There's 50 'we buy gold' players for every bullion dealer. miners will breakoutstock if they just offer to pay dividends in the products they produce at spot prices.
garyswagner's a gold guru I can't compete at any level with anything So I respectfully disagree $1680 poses any meaningful support as hedge funds and institutional investors dump very liquid PaperGold to cover 🢅 FFR driven deleveraging margin calls