Gold sits at a strong buy on the EdgeFinder. At +6, the metal has been undergoing a larger pullback on the longer timeframes. COT showed a large increase in bullish sentiment for commodities while indices remain on the back burner for now.
Investors are not certain of market sentiment going into this week as the Fed decision approaches. Although higher rates are not good for assets such as gold, investors could be anticipating the last of what was an aggressive monetary policy cycle.
