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| Gold Futures (Dec) Daily |
Gold futures pulled back inside that daily triangle pattern during contract roll and are now moving back up. Daily timeframe indicators have room for more buying... but 1620 was the area it reversed from a few days ago. I'm stepping away from a "buy the dips" approach until I see a few closes above 1620.
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| GLD vs SPY |
This is a daily comparison of GLD vs SPY going back to early 2011. I made a red box around the time when they were inversely correlated. You can see it only lasted for a few months. Since then, they have been positively correlated (generally). The reason I bring it up is because I think Gold futures should be watched as a heads up to S&P futures. If it can't break up above 1620 in the short term, we might not see much action over 1400 on S&P futures.
