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Yellow Bounce

This is a syndicated repost published with the permission of Slope of Hope – Technical Tools for Traders. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

This morning, gold is enjoying a desperately-needed relief rally, up nearly $40 per ounce as I am typing this.

Sadly, for precious metals fans, I think this is just another fake-out. Don’t get me wrong philosophically, I would love to see gold and silver absolutely skyrocket and shove a knitting needle right through Powell’s right eyeball. But the fact is that for fourteen solid months, precious metals have been grinding lower, and I don’t think one day is suddenly going to break the trend.

 

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