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Since I dropped my long gold position like a hot potato first thing this morning (see circle below) I wanted to mention that I am still as big a fan of gold as ever. But there is a distinction between my very short-term view and my long-term view. My short-term view was to GTFO of my position, since this is a very emotional market right now. Indeed, I was relieved most of the /GC price gains were still intact by the opening of the cash market!
After the violent rally on Thursday and Friday next week the real question here is whether a significant low has been made. There are some signs that might be the case.
On the SPX daily chart the low saw a spike down through the 3sd lower band, generally a good indicator for at least a strong rally, there are possible weekly RSI 5 buy signals brewing on SPX and Dow, a decent looking falling wedge on Dow that looks like a bull flag. That amounts to a definite maybe, though even if the all time high on SPX is retested next, the odds favor at least some more downside afterwards, but I’ll be looking at that in my next post.
(more…)……..and wants its Russian equity price quotes back.
Last night, shortly after the futures markets opened, I did a post for Slope’s premium members in which I pointed out, as I called it, the Fibonacci Wall that existed (which I laid out last week) and which stopped the drop like a traffic cop (see circle below). I woke up at 4:45 this morning to check in on things, and as I fully expected, the trusty Plunge Protection Team has been steadily buying back the market since, ya know, it’s so healthy and all. Ostensibly, peace talks in Belarus are sure to make things all better.
