Bulls Step Back
Gold is taking a hit, no sugarcoating it. We’re trading below $4,300 this morning, roughly 20% off the all-time highs from just a few weeks ago. Sentiment has clearly shifted, and for now, the whole “safe haven” narrative has cooled off.
Does that mean gold is finished? I don’t think so. But the hype has definitely faded, and there are plenty of reasons why investors are trimming positions. Some got wiped out on leveraged longs, others are simply locking in profits. Classic cycle behavior. Anticyclical thinking paid off once again, it was only a matter of time after that massive 12–18 month rally.
So what’s next? Technically, there’s room to move lower. The next key support sits just under $4K, around $3,950. If you’re bullish, that might be your “buy the dip” zone. But downside risk doesn’t end there. Personally, I’m staying patient. Even if gold runs to $8K–$10K over the next few years, that’s roughly a 2x from here, not bad, but not exactly compelling if it takes a decade. My interest starts below $3,500.
Btw, has anyone checked on Peter Schiff? Just asking for a friend.
