copper and gold

Copper & Gold, Daily Futures Charts

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.

copper

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.

gold

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