PAGING GOLD NUTS
All “IMHO”…
Weekly: first time since 2009 RSI/CCI dropped below its 50 yard line, not good.
Tips are still calling gold higher while the (inverted) dollar and yield/gov bond rates are calling gold lower.
At the moment I believe Tips (inflation expections) as they have a better record historically in guiding gold than the $ and yield.
I’m using TNX here as a “proxy” for uncontrollable government debt (which gold historically responds to). If you have a better debt alternative PLEASE POST.
But if/when gold convincingly breaks its September low, then all bets are off, and old Al will be very pist.
And if that descending triangle plays out then, well you know, then we’re in trouble.
http://stockcharts.com/h-sc/ui?s=$GOLD& ... listNum=15
Daily: ChiO indicates bottom zone, RSI/CCI oversold and ready to bounce.
TIPS broke ABOVE triangle, while gold, ouch, didn’t.
Daily…
http://stockcharts.com/h-sc/ui?s=$GOLD& ... =240748015
Gold vs the dollar: the dollar broke out (bear spy), gold broke down but not to lower lows (DIVERGENCE).
http://stockcharts.com/h-sc/ui?s=$USD&p ... =243041690
Intraday, buy buy buy…
http://stockcharts.com/h-sc/ui?s=GLD&p= ... =240748012
Here note: gold and silver lost their correlation with $SPX this month. What does that mean please??
http://stockcharts.com/h-sc/ui?s=$SPX&p ... =248615144
Yo: gold-nuts on board: please point out what Al has missed and show your stuff please.
I’m off to Palm Springs. See you Monday, have a nice weekend all.