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#MarketWatch Premium: If you’re thinking of buying gold, know that price gains are capped for now

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“#MarketWatch Premium: If you’re thinking of buying gold, know that price gains are capped for now”

The path of least resistance for gold is up in the near term. But bullion’s sentiment foundation is not strong enough to support more than a relatively modest rally.

Contrarians are giving gold the benefit of the doubt in coming weeks. But they are not yet issuing an all-out buy signal.

That’s because gold market timers haven’t become as aggressively bearish as we would otherwise have expected, given gold’s GC00 big plunge in June. From its June 2 high to its June 29 low, gold bullion fell about $150 per ounce. Far from throwing in the towel, the average gold timer appeared instead to tiptoe.

Don’t…

Mark Hulbert

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