Yesterday TD Bank put out a note detailing a new macro long position in Gold and their rationale Gold is overbought. There’s no gentle way to say it. This was discussed on Sunday with the Founders group (recording available to premium subscribers here). The spike higher and reversal when Shanghai reopened also warned of it as did TD's CoT analysis this week. These are short term metrics however. From a macro perspective, there may be a lot more dry powder waiting for a reason to get long than usual. https://www.zerohedge.com/news/2023-05-17/report-td-bank-likes-gold