Positions as of Tuesday, July 27, 2021.
Gold's decisive move, but the price at the 200 day moving average. An important area.
It has been my opinion for some time that the intermediate cycle low has been hit in gold. The Gold cartel fought tooth and nail to push gold behind $1,800 but the FOMC meeting was potential trigger event..
Gold's battle ground is $1,816.10 and market is working to breakout to the upside.
Gold needs to clear the $1,816.10 to get going to the upside. Market is oversold.
Moving to a short-term approach for the stock market and buying the miners with an iron hand at major gold bullion support… this approach will see gold bugs survive and prosper!
I am of the opinion that the Fed will talk about tapering and that is where I think it will end. The gold market is stuck.
Gold continues to struggle but so far is holding its support zones. But risk remains to the downside until upside resistance is taken out. A strong US$ isn’t helping.
Looking back to the early part of the week, we all saw something that should not shock anyone who is actually thinking in an intellectually honest manner about the market.