Gold Breaks Away from Equity Correlation; Silver’s Bullish Setup Looks Fantastic
2024.08.08 10:42
I suggested in the previous post that there was a technical indicator unique to Slope. As Yoda once said: there is another. Specifically, the WET (Whining Excessively, Tim) indicator, illustrated by these powerful signals from recent comments:
And on and on it went. The same investment that I declared would be the only thing I would happily celebrate as long, I was denigrating at every opportunity simply because it wasn’t rocketing higher immediately like I wanted. Instead, it was being dragged up and down with equities.
Well, this morning is offering some true signs that is, at long last, developing a mind of its own, which is all I’ve wanted the entire time. It isn’t anything explosively, but it sure isn’t slavishly following along with the /ES tick by tick.
In contrast, we have the /ES itself, which is sputtering around near unchanged, having achieved something sensational yesterday, which was the pitch-perfect sealing of its Sunday price gap. Glorious!
I’m already long GLD (NYSE:), and I think I’ll buy more. On top of this, I think I’ll undo what I did yesterday, which was to dump in a haughty huff.
As weak as has been to gold for many, many months, this bullish setup still looks fantastic.
