Being that gold is priced in U.S. dollars and is very sensitive to moves in interest rates, gold is trading INVERSE to the U.S. dollar.
So those macro relationships summed up; Stocks and gold are trading together Stocks and gold are trading inverse to the direction of interest rates and the U.S. dollar.
Breaking down the gold chart Turning to the technicals of the gold market, I have some concerning analysis for stock market bulls, myself included.
If the gold market does not break out above the highlighted $2356 level we may be setting up for a failure.
If so, watch the reaction in the stock market - does it move lower with the failed breakout in gold?
Persons:
it's, Elliott, Gordon, GBTC
Organizations:
U.S ., UUP, U.S