GOLD ISSUES SELL SIGNAL ON INFLATIONARY CPI DATA
(2/13) The CPI came out inflationary today up 3.1% and hotter than expected. With rising oil this month, not sure it will come down next month. Contrary to belief, gold does not like inflation.
April Gold future below 2004 is issuing a more serious sell signal. Below that the extended pattern to 1957 or 1940 will come in. Is CPI a game changer? We will throw cycles out the window for now and only an X-factor event will save gold and we are in the window for one so it’s hard to be too short.
Our original cycle work had supported a bounce here but a little news can throw cycles out the window.
Are we having another Lucy pulling the football away from Charlie Brown Moment? Technically, we need to see Gold take out 2085 to get more interested and then we may only get 2110.
GLD: Patterns on GLD would look better if 181-2 came in and that would complete a 2nd wave retracement. The market could hold 184.00 and bounce to 188.00 and still go to 181-2.
CRUDE OIL NOTES: Breakout here points to 7940 and 8050 and above there 8250. Market is higher until at least Friday and not sure that the Middle East tensions will go away and create much of a fall. A close above 8050 would push up to 9000 and 9600 and even 118.00 into the summer. Seasonals are lower in March often. There will be a good long-term play setting up here.
NOTE: The stock market reversed per our last update to you and should start a fall to at least 4800 on cash.
…
-Barry
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