Tag Archives: gold
Gold rallied about 2% after the rate increase announcement yesterday. The financial media believes that this was a typical “buy the fact” reaction. They are wrong.
Last week there was an article in BlackRock blog about golden days for gold. Gold has fallen 4.2% since straight down. This adds to a long list of faded calls by the market.
When the stock market rallies, goldbugs scream loud “financialization of commodities.” When the stock market falls, they scream loud “recession”. These are difficult times for goldbugs and for these memes to scare investors. Precious metals are in trouble in the … Continue reading
Unable to rebound, gold is now at a critical juncture, trading this morning just above $1200. Price action is weak with the 14-day Relative Strength Indicator (RSI) at 40.38. Major support is near $1180.
After a 61.8% Fibonacci retracement of a three-year rally, a base for a rebound was formed near 1,150 and prices are now testing the 50% Fibonacci retracement level near 1,300. This is a crucial test and its outcome will decide … Continue reading