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Gold improved for the second week in a row and silver finally ticked
in the right direction. They have a long way to go yet, but you’ve
gotta start somewhere.
I find it best to tune out all the ‘insider’ experts and
rationalizers in the gold “community”. The ones who fail to highlight
obvious risk situations and then spew angry things against the
manipulative cabals when the relic corrects. Well no shit Sherlock, they
are manipulating gold. Right about the time the geniuses started touting the Golden Cross (one of the most useless things in TA) in gold, it was time to expect a correction.
The CoTs came to a very bearish structure as the metals got very over
bought, with gold at notable resistance at 1800. That’s all you need
to know and it is something that the most ardent gold bugs never seem to
get. It must be evil forces holding the great and good gold down.
Yes, and the evil force with the really big brain started jiggering with
the yield curve again. So what? We’re going to get where we are
Meanwhile, the correction may have more work to do. We’ll see.
While three of the four E-mini Futures Indices have broken below the bottom of
their uptrending channel, which began in June of this year, the TF is still (just) holding within, as shown on the Daily charts below…the one to watch for signs of increasing
weakness over the next few days.
Obviously there was no bounce of substance yesterday despite the very promising setup in the morning. SPX closed up on the day however just above the lower bollinger band. If that continues today into a strong bounce then the obvious targets are the 50 DMA at 1435 and the middle bollinger band slightly higher: