Gold is highly negatively correlated to the interest rate market, and of course the US dollar in general.
Keep in mind that gold is highly negatively correlated to the interest rate market, and of course the US dollar in general. If that’s going to remain a true factor in the way we are moving, you will need to keep an eye on interest rates in America, the US Dollar, and then finally the gold chart. With the -0.94-correlation factor, that of course is something that you cannot ignore.
The market continues to be noisy regardless, and of course, you need to keep in mind that Thursday is Thanksgiving, so a lot of what we may be seeing is a simple lack of participation. Clearly, you can see how volume has dropped off a cliff in the last couple of days on the chart, so I do suspect that we may have sideways action between the 50-Day EMA underneath, and the 200-Day EMA above.
Typically, when you are stuck between these 2 moving averages, you are getting close to some type of squeeze, and one direction or the other. With that in mind, you need to be cautious about your positioning, and of course, let the market tell you what it wants to do.
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