A lower than expected GDP number was matched by an equally sharp rise in June personal income and personal consumption. Gold pared some of the week’s gains.
It has been my opinion for some time that the intermediate cycle low has been hit in gold. The Gold cartel fought tooth and nail to push gold behind $1,800 but the FOMC meeting was potential trigger event..
Moving to a short-term approach for the stock market and buying the miners with an iron hand at major gold bullion support… this approach will see gold bugs survive and prosper!
Gold continues to struggle but so far is holding its support zones. But risk remains to the downside until upside resistance is taken out. A strong US$ isn’t helping.
