A Market Timing Report based on the 11-29-2013 Close published Sunday December 1st, 2013
Gold went sideways this week, because rates went down just a bit. Follow the 10 year if you want to know if gold will hold this short term support level of the past seven market days. If it fails again, we’ll be forming a double bottom at the prior major low and Treasury yields will likely determine whether that holds as well.
Rising rates pressure gold because there is little inflation at the moment and rapidly rising rates would reduce inflationary fires even further. Inflation is gold’s friend. Deflation is its enemy.
Here’s the chart:
Gold holds new support, but prior major low beckons.
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