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.
The big event of the coming week is the annual Jackson Hole symposium of central bankers where Fed Chair Jerome Powell will be the keynote speaker. Will he or will he not hint at a September rate cut?
