Today’s futures chart, in-day says “yeah Gary, you’re wrong on gold”. The parameter was a break of the dotted neckline, the wedge and SMA 50, which are all at the same spot. It could well be a whipsaw, but I’ll probably take a loss on the gold short and just let miner positions and cash act as ballast to the stock market for now as the stock correction grinds on.
I just got to my desk (@10:50) and need to evaluate the media hysterics and news of the micro-moment in order to make a final decision. I’ll probably let the day mature a bit first.
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