Gold stocks’ precedent during past major gold uplegs implies the performance gap will unwind soon, with miners surging fast to catch up with their metal.
SPX is still in a clear downtrend channel from the July high at this point. So if the seasonal is going to be more than a quick trade, follow through here or more downside grinding are needed.
When you take a look at the gold, you are up one-fifth of a percent for the week. So this rally that came up there did its thing but now the market's sort of stalling...
Regardless of whether it’s a fiat rate hike trick or a golden Halloween treat from Jay… the next big move for gold is likely a rally to $2200, enroute to $2480.
Due to the market’s drop to the 4100SPX region, it has now provided us an environment which can set up a market crash which would point us down to 2900-3300SPX.
The gold market has come roaring back from this low all the way back up to this 2000 level. So as it fell from 2024 all the way down here; you realize you're $20 away from the highest high.
