This latest coronavirus news cycle created a $30 gap up on gold just at the peak of the seasonal cycle. I believe gold and 30Y bonds have reached a crescendo and are due for a retracement. We hit the Year Camarilla pivot almost exactly at the top today. The retracement back to Year R3 is what the normal target should be after this kind of move.
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10Y gold seasonality chart shows that this date is correlated with a relative top. Gold usually descends to the March FOMC statement due on March 18.
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GDXJ smacked Year CAM R3 here as well and non stop selling.
Hits the Day ATR stop target. Covered this short for now. Any rebound in the markets will further sink gold, it is not cooperating after the big surge monday.
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Silver killed on Month R4 and JAN high. Big money to be made. Platinum destroyed.
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Updates on equity futures, bond, commodity, and FOREX markets.
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➡️ Big selloff in equities (again) from coronavirus related news. ➡️ Precious metals punished, near term targets reached. ➡️ Opportunities for rebound Wednesday. Top to bottom NAS100 nears 10% correction.