Sentiment on Gold Rebounding from Very Bearish Extreme

Gold affect has amorphous to ascend over the accomplished anniversary from a “very bearish extreme,” according to Macquarie Equities Research analyst Stephen Harris.

In a agenda to audience on Monday, Harris higlighted the Ned Davis Research (NDR) Daily Gold Affect Composite, which fell to 7.1 on October 14 – its everyman akin aback at atomic January 1, 2006 (he did not accommodate abstracts activity aback further).

Since that time, the NDR Daily Gold Affect Composite has rebounded abundantly – to about 12 – but charcoal able-bodied in the “pessimistic” zone.

From a contrarian and actual perspective, these readings are “very bullish” for gold prices, according to Harris.