No market moves up or down in a straight line. And the time for the “up” in miners is here.
S&P 500: A rebound in the making? There’s not much going on today in the markets, with the exception of the general stock market, which finally declined after invalidating its move above 6,000. This might have a profound impact on many other markets. But… Even if stocks formed THE top here, they could easily rally in the very near term. Here’s why: In my Wednesday’s Gold Trading Alert, I wrote the following: People got bullish on stocks. I get it.
Meanwhile, the USD Index is once again testing the previous high, but since it didn’t move above it, the resistance remains intact, and a corrective decline is likely to follow. Gold hasn’t done anything meaningful since it moved to its 50% Fibonacci retracement level yesterday. It moved back up somewhat, but not significantly so.
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