From Robert Gottlieb 1 天前

For weeks, gold has been under pressure from:
Higher oil
“Higher for longer” rates
Positioning unwind

Today?
Oil up ~3%
Treasuries selling off
👉 Gold still up ~$50
That’s a shift.
Gold held and bounced hard off the 200-day moving average, a key level.
Now ~$1,100 off the highs
Positioning has been cleaned out
Sentiment reset
👉 This is how bases form.

Nothing has changed fundamentally:
Central banks still buying
Geopolitical risk still elevated
Investors still under-allocated to gold

What’s next:
Gold likely leads the move
👉 Silver follows

Takeaway:
When gold starts rising despite higher oil and rising yields, it’s a signal the liquidation phase may be over and a new uptrend is forming.

Question:
Is this the turn… or do we need one more flush before the next leg higher?