On Wednesday, MarketVane's Bullish Consensus for gold broke below its 2010 low to 68%, a level not seen since January 2009. The Hulbert Gold Newsletter Sentiment Indicator [HGNSI] dropped to 18%, last seen during gold's low last month.A head-and-shoulders pattern, discussed here last week, made technical analysts such as Martin Pring bearish. Now that the pattern's been busted, thanks to gold rising and staying above $1,100, gold ended up rallying from an oversold condition. It's been quite a "relief" rally (so to speak) since last Friday.
Monday, March 29, 2010
Gold Confounds Last Week's Pessimism
According to Peter Brimelow, sentiment for gold was awful last week.
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