Market Taking a Breather?

More on Gold

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News Buzz

  • Dow wavers as stocks fail to maintain a winning streak.

  • The stock market is entering the most volatile period of the 2024 presidential election year.

  • Stocks halt big rally driven by “Momentum Guys” – Traders are hoping that the FED will signal it is ready to cut interest rates.

  • The 8-day SPX and Nasdaq win streaks stalled. Infotech, industrials, and small caps fell ahead of Fed minutes tomorrow and Powell on Friday. VIX rose 8% but stayed below 16.

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Gold Cycles

  • Do not get too bearish on gold. As I said yesterday, pullbacks in gold are buying opportunities, at least for several more months.

  • The 4Y cycle in GC is supportive of UP into early 2025.

Gold Sentiment & Seasonality

  • Gold sentiment is red hot. It is typical of temporary peaks in gold.

  • The seasonality for gold is negative for the next several weeks. This rhymes with the daily cycle composite presented yesterday.

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