The Fed is gonna announce curve control - but probably not at this meeting...more likely at Sept. meeting...
Might get either a relatively modest correction or consolidation over the next month or so...
On the other hand - usually when there is a break to new all time highs - it typically pushes higher - especially after a successful backtest of the breakout...which doesnt always happen...(the backtest I mean)...
The upper chart is the price of gold. The lower chart is the momentum chart of Monthly Gold vs. SPX charted against the 36 month moving average. In the lower chart the 36 month moving average is represented by the zero line. I have circled each instance where the Gold/SPX chart had been below the 36 month MA and closed the month *above* the average. I tried to circle the price of gold chart in the same locations.
This happened in 2001, 2005, and 2020. [Actually it looks like 2019.] In 2016 it threatened to close above the zero line but did not.
Look at the performance of gold (long term, even) after the Gold/SPX relative performance chart moved above the zero line. Where are we now? Is 2020 the new 2001 or 2005? It could be. Maybe.
[Gold is expected to outperform the SPX going forward.]
27 is as good a guess as any. Beginning to wonder if they want to do any more than just test the breakout around $21.25. Bull markets can remain overbought for longer than you would think. Actually a show of strength middle of the move. Dow went up from 770 to 1296 in just 4 months in 1982. Anyway this guy was stunningly wrong. Would not read guys like this ever.
$1980 is an EW target and that big fat round number is up above. These futures jockeys backed by the banks ain't afraid to sell $2000. You can't sell that number the first time up you don't have the gonads to trade.
The bullion banks are NOT going to want to see a monthly close up here! .... but if first notice this Friday is BIG we may be in one of those rare period where what the bullion banks want to see doesn't matter so much.