My Comments: Big sell off in the S&P. This is expected being at the top of a channel and could continue towards the bottom of the range as MACD and Stochastic divergence are indicating. These arenot sure fire indicators as they were indicating a selloff in late June that turned into the July blastoff.
Gold is remaining within its consolidation range. However with the S&P selling off and gold closing up with the dollar is hinting towards deflation or more deleveraging. I still think its best to wait on gold to either break out of its triangle and as we approach the apex of the triangle, gold should decide soon.
Dollar broke over its trendline that I have been highlighting in past posts. Im watching its relationshionship with gold and im seeing signs that they could be recoupleing. If this develps I will post the charts and show you what I'm talking about.
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