My belief is gold has been getting a lot of upward pressure due to stocks surging lately causing more money to find discounted assets. It has seemed like since this rally started going straight up, gold started to go up as well as oil. I believe gold, oil, and the dow could possibly break out all near the same time since gold hasn't been doing inverse of stocks lately. It has been going down on days the stock market goes down and oil has been going for the ride. The question is though is the stock market top in, nd at best we will be stuck in a trading range or worse a bear market/crash that will take down commodities with it? If the main indices break down the previous lows made a month ago, then we will know our answer most likely. I believe this is more likely to happen than breaking out to new highs but i have no predictions at this time to what will happen. Just wanted to mention where commodities would go if this does occur. This would also take down a lot of cryptos.
This is meant more for debate if anyone has any of their own thoughts, today the dow dropped 500 points while gold is holding steady as of the moment, and the GDX is up 1 percent. Interesting to see what will play out if the stock market breaks the previous low.