Editor's note: Originally published at tsi-blog.com on May 12, 2020.
According to my Gold True Fundamentals Model (GTFM), the gold market's "true fundamentals" most recently shifted from bearish to bullish in December of last year. As indicated on the following weekly chart by the blue line being above 50, at the end of last week they were still bullish. This means that the fundamental backdrop is still applying upward pressure to the gold price.
As previously explained, I use the term "true fundamentals" to distinguish the fundamentals that actually matter from the largely irrelevant issues