We are now seeing an overwhelming body of evidence coming together to suggest that gold and silver have hit bottom, and that even if they haven't, the bottom is very close and downside risk is very limited. On a more mundane level, the drop in gold and silver prices the recent past is pushing many mines to the brink of becoming economic at a time of an impending supply crunch, a situation that must soon lead to higher prices. Whilst we were premature in calling a bottom earlier this year, it really does look like the time has come to "back up the truck" for reasons that we will now set out as briefly and succinctly as possible. Starting with gold's 6-month chart, we see that on Friday it had its biggest up day for about 5-months, with a large white candle and "bullish engulfing pattern" which has made an approximate Double Bottom with the lows of about a week ago, with this occurring at a time when it is deeply oversold, as made clear by the...
from GoldBroker.com https://www.goldbroker.com/news/gold-cots-sentiment-super-bullish-as-fed-set-reverse-course-1380
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