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Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

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This Past Week in Gold

SPDR Gold Trust Shares Daily Chart
GLD - on sell signal.


iShares Silver Trust Daily Chart
SLV - on sell signal.


Market Vectors Gold Miners Daily Chart
GDX - on buy signal.


XGD.TO Daily Chart
XGD.TO - on buy signal.


Central Fund of Canada Daily Chart
CEF - new buy signal failed, which is not unusual during a down cycle.


SPDR Gold Trust Shares Daily Chart 2
The big picture in gold has not changed as the multi month consolidation continues.


SPDR Gold Trust Shares Daily Chart 3

In 2012 when gold was consolidating, dollar was strong as expected.

But dollar has been weak during gold's current consolidation, and that is a concern from the inter market relationship perspective.


Summary
Long term - on major sell signal since Mar 2012.
Short term - on mixed signals.
Gold sector cycle - down as of 3/21, ending the up cycle since 12/27.
COT data is not supportive for higher prices overall.

 

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