Gold: Sideways for Awhile?
In my last chart of the day I noted that gold and the metals sector in general were too stretched above the 200 DMA and would likely have to churn for awhile before the next leg up could begin. After seeing the sell off following Friday’s employment number I think I probably called that one correctly. The metals may have to churn sideways for most of August before the next rally begins.
I’m going to go over in detail this weekend what I think the sell off on Friday in the metals means for the sector. Hint: It’s not that bearish.
If there are any of you left that haven’t gotten on board the SMT here is another chance. 10% off the regular annual subscription price good for this weekend only. Buy a regular yearly subscription and I will refund $20.