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Now that the trade wars are behind us, assets which were serving as safe havens have been turned on their head. Silver and gold are both down again this morning, with gold losing about $250 per ounce over the course of just the past week.
I would like to suggest that these two risk assets are both approaching crucially important resistance levels.
I see a silhouette of this Jack-in-the-Box every morning at 1:30.
Here’s a bit of drama over a very short span of time: the ultra-short NASDAQ fund symbol QID which, from February 19th until today, doubled in price (peaking April 7th of course) and then proceeded to lose all its pop and push to lifetime lows. That’s the magic of leverage!
This trendline neatly contains a bull market in volatility that started half a year ago. Higher lows. Higher highs. An unbroken supporting trendline. It all suggests there isn’t much more VIX to bleed out at this point.
