GOLD…AND SILVER
GOLD is on the move as it broke above some more resistance. GOLD STOCKS are doing the same with a few names at new yearly highs. Normally, we would tell you this is because a weak dollar. While the dollar has been down, it has not been down much. To be watched. Silver also participating.
What level on the S and P do you think the bears start to get a bit nervous? I was thinking around 2676 but would like your opinion.
Wait for the uup to break below support, and hold the pullback.
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If yes, market rally, gold rally.
If no the market can hold here for awhile. Gold ?, dunno.
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My personal chart indicators are telling me that any rally here, is simply eom ( End of month window dressing ) and a February pull back is in the offing.
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Q: How deep a market pull back ?
A: watch the dollar.