The fake inverted H&S in gold showed up all over the internet and I guess I have to attribute it to some sort of group hysteria, because it was promoted by some sources that I would have expected a higher level of TA from.Gold has been knocked back down a bit, although technically nothing much has gone wrong, with no MACD downside confirmation and no loss of trend. That could follow shortly, however if the CoT report is to be respected once again. If there is a reaction it will be because gold has hopped aboard the hope trade yet again and is part of a play that is likely to terminate. Then, as we will follow in NFTRH, the real move can begin.
Don't micromanage this metal. Look at it as your anchor to sanity. Just because there is a little bit of 'feel good' creeping in to the macro picture, it does not mean things are any less insane economically. Quite the contrary.
