Well, with the risk ‘on’ macro bounce of the last couple of days Doctor Copper has stabilized at least. It is testing but still lurking below the short-term resistance area. The real key area remains 3 bucks though. That would be the big cyclical macro trade signaler.
Doc’s economic buddy, the more dour and counter-cyclical gold has slid back through the SMA 50, the neckline and the wedge top. Good job you old fart. Well, I for one (and you probably for two) am not surprised and yes, I covered my gold short in a classic whipsaw. It’s fine, as the miners are acting counter-cyclical lately and are a balance to stock market long positions. I am not so sure gold is cooked here, although the SMA 200 and the lower support areas remain in play unless it reclaims its breakout.
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