Gold/Stocks ratio: Risk off rally?
Updated
It appears like we're about to see a pullback in equities, or at least a rally in gold and silver, and a pullback in the dollar here. It might have to do with the Italian referendum as well, but we'll know soon enough.
Breaking this trendline would signal risk off sentiment, further validating the gold and silver long ideas I've posted.
What I'm not sure of yet, is the extent of the rally to come, and wether it is part of a retracement in a long term trend that has turned down (this is possible), or simply the market is sideways and trendless (forming a giant consolidation or sideways pattern, or even a triangle).
You can set alert to know when (if) this trendline breaks, set it to 'crossing up', 'once' using tradingview's handy alert system.
Once CCI hits +100, we might get a set up to flip short gold, on weakness, so we have to remain vigilant as gold approaches the 1240-1250 zone.
Good luck,
Ivan Labrie.
Breaking this trendline would signal risk off sentiment, further validating the gold and silver long ideas I've posted.
What I'm not sure of yet, is the extent of the rally to come, and wether it is part of a retracement in a long term trend that has turned down (this is possible), or simply the market is sideways and trendless (forming a giant consolidation or sideways pattern, or even a triangle).
You can set alert to know when (if) this trendline breaks, set it to 'crossing up', 'once' using tradingview's handy alert system.
Once CCI hits +100, we might get a set up to flip short gold, on weakness, so we have to remain vigilant as gold approaches the 1240-1250 zone.
Good luck,
Ivan Labrie.
Note
SPX rallied from support like I expected earlier, the Italian referendum was absolutely overblown, as a risk event. But since it's out of the way, bulls can more confidently go back to their business.Gold still could rally from here, but to do that, it would have to stay above 1160.65 ideally.
Note
For as long as the trendline holds, risk on trend is intact.Note
Maybe it's flashing a buy in gold soon.
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