It is the same play. Rather it is the only play in the central banker playbook! When things look dire, turn on the printing presses.

Over the past couple of weeks, the technicals for the SPDR Gold Trust (symbol: GLD) appeared to be breaking down. The fundamental picture has always been positive, but the lack of concordance between fundamentals and technicals was reason to be cautious. As I stated in last week's Chart Book: "for now price trumps fundamentals until there is a close over 153.57". See figure 1, a weekly chart of the GLD.

Figure 1. GLD/ weekly

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Today's central banker Hail Mary has brought hope to a market that is only looking for the next bailout.