A time to add to one's gold stack; (for the S&P, prepare hard hat)
Yes, per last week's 700th missive, an All-Time High for Gold remains nigh, . Yet en route to said notion of nigh, we also penned our expectation for Gold to first recede into the 1900s, price indeed having traded this past week to as low as 1981 before settling yesterday at 1994.
But in terms of Gold's present ranginess, our EWTR is now 63 points; thus solely by that metric, a new All-Time High above 2089 in a week's time is a bit of a stretch. Moreover, we've the following near-term technical concern. Moreover, as we turn to Gold's weekly bars from one year ago-to-date, the blue-dotted parabolic Long trend continues to ascend such that we continue to seek the new All-Time High along this bend, leading further toward the mid-2100s before reaching an end:
Such"El Plungo" by the Baro obviously elicits the"R" word. Recall the back-to-back StateSide negative Gross Domestic Product readings for Q1 and Q2 of 2022 as having"defined" a recession … which was met with a rising Q3 and Q4, . And now come this Thursday we've the first peek at Q1 GDP, consensus calling for +2.0% annualized growth, albeit weaker than the prior two quarterly readings respectively of +3.2% and then +2.6% .
Time was when lousy earnings were fundamentally weak for the S&P.
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