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.
China is considering setting up overseas gold warehouses to support international settlements via the Shanghai Gold Exchange, according to the People’s Bank of China (PBOC).
Will the market rally to 7,000 SPX? There is strong potential that the SPX has begun a multi-year bear market, with my next downside target being 3,500-3,800 SPX.
