Following is a quick video I did showing how I see the market, what I think it's about to do and what to be aware of. I recommend you gold bugs skip over this report, because on Sunday I wrote about how gold kept making new highs this year and how prices were about to drop again. And it was only a few minutes after I sent that report before the emails started to flood my inbox from individuals around the world telling me how wrong I was in saying gold is about to selloff. I knew gold was a crowded trade, but not to the point that people are willing to argue with you just because you say it's looking ready for a correction. This is actually a good thing for gold to do right now. . .
To be honest, I'm still in awe about how mean and rude some people were when all I'm trying to do is educate and help everyone see the market from a technical point of view—without bias. Thank goodness I'm a positive thinker and find most things funny, or I can put a positive spin on things like seeing gold drop $35 so far this week.
Anyway, here is my video recap of this week's price action
Video Recap for those who don't want to watch the full 8 minutes:
- Gold still looks bullish, but on the edge of a very sharp correction.
- Oil looks about ready to make a run higher.
- USD looks to be forming a head & shoulders reversal pattern.
SP500 is at a critical point—rally or crash.
- If the USD drops, it should trigger higher gold, oil and stocks.
- We are entering earning season and stocks tend to rally into the news.
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