Gold (XAU/USD) price trades near $4,676 on April 3, up roughly 17% since touching a low of $4,105 on March 23.The rally looks convincing. However, a proprietary correlation metric, shifting options positioning, and a nuanced reading of the latest Commitment of Traders report suggest the current advance may be building on the wrong foundation.
Gold’s strongest rallies have historically begun after the metal decoupled from oil, not while both moved higher together. The 17% bo