I'm back from Illinois after "life intervened" and I rushed out the door and gold has done exactly what I felt it would do. In this previous post I felt that the 100 week SMA would pose a resistance and if you think about it, it makes complete sense.
- From a season standpoint, gold doesn't have much demand until last Summer when Indian festival and wedding season kicks in followed by jewelry gift giving as the Winter holidays approach. (see seasonal chart)
- Inflation is very low = no need to hedge with gold
- The stock market is challenging new highs. When equities are doing well, not to mention the killer strong U.S. dollar, again there's no…