Copper spike and reversal
As gold hits our short-term target (short-term, longer-term is much higher), Nickel goes limit up and other items went bonkers in pre-market, the good doctor is doing failure #4. It is still technically bullish, but the failure is in not yet taking a next leg.
Like Nickel, for example.
It’s getting dangerous out there, folks. More and more my general default is to cling to one metal above all others and hope for the best (I’ll hold off on canned goods and Unabomber shack for now). Gold poked the 2000 round number and reversed a bit itself. But of course, gold is not a cyclical commodity like its fellows above. It has an entirely different utility.
As for the cyclical headliner vs. the counter-cyclical metal? What, you expected something different? The macro may be popping, dropping and slopping all over the place but this indicator continues its steady refusal to give its signal. If this breaks down I believe the gig will be up.
Because, this…
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