Near Term Trend: Negative
Fridayâ€™s Close: $1,196.20 (- $3.10)
UPDATE: Eight weeks ago we stated, â€śIf the S&P Index sells off (25 points) from Fridayâ€™s close (2268.00) - buy Goldâ€ť. As of three weeks ago the S&P Index retreated 25 points for the first time in nine weeks, therefore, traders should have gone long Gold. We were clear about it being a counter-trend trade, but scalping the long side following the sell- off of $110 in Gold were odds I was willing to take. If you went long near $1,133.00 move the protective profit stop up to $1,168.90 from last weekâ€™s level of $1,146.00.