it seems like thee miners are leading here which is a good thing.
agree for the past few days at least, that's why I follow the HUI/GOLD ratio and
the daily chart does suggest a very key low might have been put in place last
week near .15, we see
yes, miners leading is healthy for the bull case.
in respect to the fed there used to be an expression"3 jumps and a stumble" this will be the 3rd jump in rates and the stumble refers to the broad market , which could be making a head and shoulders top. the boj and ecb also meet this week along w/the netherlands election. if you look at the charts the 1st reaction , for a day or 2 after the hike , was to spank gold, but both times after that initial swoon , the market rallied big time. so, the equinox is on the table, as it always is for gann traders. watch real rates, not nominal rates, the fed is behind the curve, by their own admission. in a rising rate environment the dollar and gold can rally together.
the biz cycle is quite extended this time around the lows were in 09 for the broad market. usually its a 4yr cycle. at this stage of the cycle , w/rising rates, bank stocks and gold stocks perform well. now the wait and waiting for the dust to settle. 1198 is the death zone , which so far has held the decline. a spurt to 1183 , next support would not surprise me. waiting .