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Bonds and Gold: Worth Watching!

The safe haven play was the place to be today. Bonds jumped as stocks sold off. The long bond is approaching a key resistance zone of $123-125. It's something that needs to be watched as the bond market has been leading moves in the stock market.

30-Year US Teasury

The Gold market also benefitted from the safe haven move. The gold market has grinded higher out of an inverse head and shoulders pattern, and on the verge of testing its 2009 high.

Gold Continuous Contract

Gold performed well today, but silver did not. That's not exactly a bullish sign for the economy. The gold market has a target price of roughly $1,250 based on the inverses head and shoulder pattern. If so, I can image that comes on the back of eventually more stock correction behavior, as the safe haven move continues.

 

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