Gold is bouncing but also just backtesting the 10ema this morning. We will need to see a close above this level in the days ahead, hopefully today or tomorrow or this will be just a dead cat bounce.
Added: The close on Gold (GLD) was somewhat inconclusive today. While Gold is above the 10ema in the aftermarket, Stockcharts shows a close right at the 10ema and GLD closed 3 cents above its 10ema so more confirmation is need. GDX also tested but closed below its 10ema but Silver actually closed above both the 10ema and the 50ma today.
WTIC crude is dropping a bit after failing to break through my 3 year down trend resistance.
The big shocker this morning is that Stock markets are actually selling off this morning… Remember my bearish rising wedges on the SPX, NDX and SOXX from last nights post? Well they have all broken down this morning and the DOW sure looks like it will fill yesterday’s exhaustion gap up.
Added: Chart on AAPL. Disappointing iPhone 8 orders.