In today’s briefing:
- Ready for the Contrarian Gold Trade?
- Time to Sound the All-Clear?
Ready for the Contrarian Gold Trade?
- We have been bull bulls, but point and figure charts of gold and gold miners show that they are either very near or have outrun their measured price objectives.
- Tactically, the contrarian trade would be to sell gold and buy bonds.
- However, a cycle analysis leads us to conclude that the market is undergoing a shift to a hard asset price leadership cycle.
Time to Sound the All-Clear?
- The U.S. stock market’s technical conditions are turning more constructive.
- Market internals such as breadth and risk appetite indicators have stopped deteriorating and they are starting to heal
- Risks remain, and we would like to see the resolution of key event risks before sounding the all-clear signal.
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