Gold Under 4K: Long-Term Value, Short-Term RiskGold FuturesCOMEX:GC1!TheCarnyGold has been one of the worst-performing assets I have tracked in a long time. It continues to find sellers into every rally, and while buyers repeatedly show up below 4k, the charts remain horrid. The short-term trend is starting to flatten and price has broken out of the downtrend channel, so the setup is getting “less bad,” but under no circumstances would I say it looks good. Gold came out of a full euphoric blow-off top, and while I believed much of that froth had already been worked off, it appears I may have been early. The main feed-through continues to be real rates. The correlations can look counterintuitive, but until bond market sentiment improves and real-rate pressure cools, gold will struggle to hold rallies. Longer term, I still believe gold under 4k is a good allocation level and offers real portfolio diversification. A few daily closes below 4k would put 3500 in play, which would be an outstanding buying opportunity. However, with so many people expecting that breakdown, a short-term long here could work with a decently tight stop below the major swing low.