Model Gold Portfolios: Gold = Long 4/17, S&P 500 = Short 4/21
Technical Read:
Gold: Sellers pushed gold down on 4/22 but today (23rd) the market had a sizable rebound (back above 114.50, GLD basis). This week’s economic news featured an estimate of Chinese economic activity in April. China is a bulwark of growth against global deflationary pressures. So, economist beware. Nonlinear trading analysis is still supportive of higher prices in the yellow metal, but with less conviction. The model gold portfolio is long.
S&P 500: The S&P 500 has pushed high the last couple of days but closed only a meager 3pts above resistance at the 2110 level. The Nasdaq Composite posted a closing high (15 years) today. So we will have to see if prices retreat from here. Nonlinear trading analysis has us on the short side.
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GH Garrett – Veteran Commodity Watcher for Conquer the Mummy .com “Nonlinear signals that matter in gold trading.”