Robert Gottlieb March 28th:

Central Bank of Turkey reportedly sold gold and executed financial swaps totaling ~60 tons.

As I noted previously, recent price action suggested a potential central bank seller in the market over the past few weeks.
When gold tested its 200-day moving average, liquidity thinned and the market briefly hit a vacuum, only to rebound sharply. Since then, price action has been constructive, with gold working to establish a solid support base.

What stands out today is the resilience.
Despite clear headwinds: higher crude oil and rising U.S. interest rates, gold has held firm and pushed higher. That’s not typical behavior in a purely macro-driven selloff.

Positioning is likely playing a role:
Many investors missed the initial move
Allocations to gold remain structurally underweight
And now, with prices ~20% off the highs, FOMO is starting to re-enter the market
This combination is creating a bid underneath the market, even in the face of negative macro inputs.

Major Takeaway:
When gold shrugs off bearish macro forces and builds support after a liquidation event, it often signals strong underlying demand and a market transitioning from weak hands to stronger ownership.

Question:
Is this the beginning of the next leg higher for gold or just a technical rebound within a broader consolidation phase?