Yet, Gold Heads Lower ?
It just doesn’t add up.
U.S. producer prices explode to record high and gold heads lower.
Is anyone paying any attention?
Today’s trip to the office supply store, had those employees and some customers alike, still putting toilet paper on their face in an attempt to ward off goblins … unseen.
Talk about, “In the days of Noah …” but, I digress.
Gold (GLD), posted lower and the miners GDX, did as well.
The nuance with the miners, we may have just seen a pivot lower … increasing the rate of descent.
Senior Miners, GDX
We’ll use the same chart scaling from yesterday’s update.
Looking closely, today’s bar pulled away from the right-side trend-line just a bit.
Next, the same chart but on a 4-Hour time-frame
Note how a new (increased angle) trendline can be drawn.
The next chart zooms-in
There have been four, four-hour hits on the new more aggressive downtrend line.
That new line (thus far) is declining at about -94%, on an annualized basis.
If this is a more aggressive pivot lower, it’s very early in the trend. The next session can easily negate the trend or just as easily, provide confirmation.
Maintaining short via DUST (not advice, not a recommendation).
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