May was the first month since November that gold prices failed to take out the prior month’s high. This may not sound significant, but it is certainly a change of character from the rally that broke out in April 2024 and tells is that volatility is receding. Furthermore, April closed the month with a Rickshaw Man Doji, the monthly RSI (14) has been overbought since January, and a bearish divergence has formed on the monthly RSI (2) in its overbought zone. Seasonality also suggests that a pullback in gold could be due, even if only a minor one. I have used 43 years of spot gold data, the maximum data available under ... (full story)