When I look at the gold, as long as it can stay above this 18-day average on a closing basis, I'm in the bull camp on it. You can see it's above all the key averages.
South Africa is set to open its first new underground gold mine in 15 years—an increasingly rare event in a country that was once the world’s top gold producer.
In Federal Reserve Chairman Powell’s address Friday from ever-stunningly magnificent Jackson Hole, how many times did he say either the word “reduce” or “cut”? “Not once!”
When we look at the gold market, all you did was pull back to the 18-day average and hold it so far. I think it's in a downtrend unless the market takes out and gets up $3403.60.
My broader view on the S&P500 (SPX) is that we are coming to the conclusion of a rally, which can represent a major long-term top in the United States equity market.
