Stocks rallied, gold faltered, and oil fell this past week. The US$ Index was up a little while bond yields rose because of the stronger-than-expected job numbers. Will the Fed cut the key interest rate?
In the gold market, you have a bullish bias. The pattern still looks to me bullish. You still have a pattern of higher lows on the swing line, higher highs.
Gold remains relatively +158 points “high” (at 3247) to such reversion destination (at 3029). Yet clearly that valuation itself is rightly rising each day.
While a gold correction will drag gold stocks lower, the miners’ fundamentals remain their best ever. Thus the buying opportunities after this necessary gold selloff runs its course will be excellent for prepared traders.
The $3150-$2950 buy zone is highlighted, and one play for investors to consider is a buy just above $3150, a “meatier” one at $3050, and a third one just below $2950.
