Counter Trend Rally in Gold Due; Stock Market Topping?
The GLD chart below shows gold in a declining wedge. Cyclically, an 8 TD low is due in gold and a 4 TD low due in GDX on June 1st. A strong rally is indicated into June 2nd for both gold and GDX.
The stock market (as measured by the S&P 500) has either made its secondary top on May 31st or will likely do so on June 1, in my opinion. Another large drop is due in the weeks ahead.
Three charts below explain everything:
Brad Gudgeon, editor and author of the BluStar Market Timer, is a market veteran of over 30 years. The subscription website is www.blustarmarkettimer.info