Folks, as if it was preordained gold got blown up in pre-US trading this morning as the media are absolutely blaring all kinds of stupid things for lowly gold bugs to endure and for gold bug haters to chest thump about. This is market sentiment and psychology on full display. We are robots, not sentimental humans.
On a weekend where I took my daughter to Boston for two nights of voice coaching/recording, needed to watch the Patriots game (on DVR) and a late Rangers game, on…
First let’s update the charts we showed yesterday, with the short-term support parameters.
SPX is below the tolerance point, but this is in-day. The headline indexes are getting the biggest hit.
Yesterday HUI did exactly what we asked it to do in order to remain normal to the current plan. It dropped into the 224’s, filled the gap and has not made a lower low to the last green arrow. So it remains in a baby uptrend. I would not get too concerned about reading a rising wedge into a 30 minute chart, but it is inserted regardless to again play Devil’s Advocate.