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- Is Gold the New Crypto?
Is Gold the New Crypto?
A Runaway Market
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News Buzz
U.S. stocks historically rise around the Federal Reserve’s annual Jackson Hole Economic Policy Symposium — a gathering this week that will be closely watched by investors on Friday, when Fed Chair Jerome Powell is scheduled to give a speech, according to DataTrek Research.
After the best week of 2024, major indexes rallied again in anticipation of dovish Fed views and hopes of Middle East progress.
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GC Cycles
The chart shows the GC (gold futures) cycle composite comprising several reliable cycles from the daily chart.
Despite all the bullishness, the cycles suggest a consolidation/correction into Oct’24.
As it can be seen, the about 1Y+ cycle dominates.
I still view pullbacks in gold as buying opportunities.
NYSE Advance/Decline Line
The NYSE Adv/Decline is at new highs.
Market indexes, at least some, typically follow.
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