This note was originally published May 07, 2013 at 12:02 in Macro
I’m getting a lot of client questions about Gold today. I focused on it in my Early Look note this morning, but there was nothing new there – and that’s the point. Gold is broken. And that’s not new either.
Across our core risk management durations, here are the Gold lines that matter to me most:
- Long-term TAIL risk line = 1681
- Intermediate-term TREND resistance = 1579
- Immediate-term TRADE resistance = 1492
In other words, after bouncing to another lower-high in the last few weeks, Gold failed to recapture my 1st line of resistance (1492) and remains in a Bearish Formation (bearish TRADE, TREND, and TAIL) as a result.
Keith R. McCullough
Chief Executive Officer