The Golden Goose:
Gold has been trading all over the place recently after a big move above the very round 2000 number, but this is a familiar area of resistance. The chart below of the Gold ETF looks as if it coming into a good long situation after a 10-handle drop after the big move on 12/1. Notice the very next session it fell 2.2% its second largest daily loss of 2023 so far. Although one does not like to see wobbly action like that, and losing the double bottom with handle pivot so soon, it feels like selling pressure is abating here as the upward-sloping 50 and 200-day SMAs catch up in PRICE. The fund recorded a sprint higher after a series of bottoming candles in early October and acted well throughout the month as the S&P 500 struggled. The ratio chart for the GLD against the SLV also shows dominance for the last 6 months, with brief exceptions during the beginning of July and the latter half of August and November. The MONTHLY chart of gold looks a bit concerning with yet another rejection just above the 190 level but it still has a couple weeks left to make a run at it.