Gold in Chinese yuan terms just broke out from a 3-yr resistance line.
It’s one leg of the macro trade of the century.
We are extremely bullish on gold, but we are most bullish on gold vs. yuan.
Read more herein: https://t.co/Y92URwIHPd
$GLD $XAU $CNY $RMB
That’s it. Over 50% of the US yield curve is now inverted!
Every time we reached these levels major bear markets followed.
Also, median of all spreads turned negative for the 1st time since the housing peak.
Look out. Markets could change on a dime.
The gold/silver ratio has been above 80 on 3 occasions in the last 20 years (not including this year) and each time coincided with a significant correction in the S&P 500. Gold/silver ratio is at 84.70 now. #gold#silver
In order for $gold to stage a rally, the US dollar must give up that line of support from last June. A big battle at the top resistance line, then a 1 day flushout above it & reversal. Friday's outside reversal day needs to be taken out on downside along with support line.
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Yamana Gold Inc ( $AUY #NYSE ) formed a "Diamond Top" #chartpattern. This #bearish signal indicates that the #stockprice may fall from the close of $2.70 to the range of $1.00 - $1.40.
Read more https://t.co/N7Hli6Hrox
#technicalanalysis