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.
Gold’s drop may present a buying opportunity for those expecting gains in the second half. Rising holdings in bullion-backed ETFs suggest many investors see it as a worthwhile bet.
Gold this past week succumbed as a fallen dove, now further facing a stint of “sluggish seasonality” per the shaded strip in the graphic encompassing these last four years.
