Looking at an equal-weighted gold basket against FX majors, its bullish character has certainly changed since breaking above its previous ATH. • Bullish momentum is waning. • There's a slight RSI (2) divergence. • Three upper wicks show a reluctance to hold above $2500 immediately. And this places a potential retracement lower on the cards. Yet as much as that excites the potential for a pullback, it's difficult to construct an overly bearish case with the current backdrop of geopolitics and potential CB easing. So the basic thesis is that any pullback at this stage may be limited, and bears may want to be nimble ... (full story)