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During the mayhem of 1610 spot gold yesterday… all eyes on Iran and war… what actually was happening was US markets starting to correct. That correction brought the price action below the current rally’s trend line.
I also had a peak at https://www.cmegroup.com/trading/interest-rates/countdown-to-fomc.html and the odds of a cut had drastically increased… to the point I had sent myself a note to do a blog entry on possible imminent rate cut breaking out.
Well.. that is now a wick with a daily body above the trend line for spx.. and odds of a cut have gone back to what they were… and the price of gold/silver.
I will now keep an eye on SPX, as it has a direct link to the market pricing in possible cuts (or hikes).. and will give us insight when the current consolidation for PM will end. Make no mistake.. we are very close to a dip below that trend line… Tic Toc Tic Toc
SPX dipping to 3100-3000 should do the trick… delicate balancing act.. as you want a correction.. not a depression
Note the relative strength of gold vs spx… gold is waiting in the bushes.. not falling.. holding the trend. It’s actually lining up to the break line… expecting the spx to falter, and pounce up. As for the miners.. well as many posts I have done,,, they lag. sometimes severely under performing the metals for a long while, before playing catch up.