Gold Daily Chart: Fear Moves Don’t Last!

So far gold is doing what I wanted to see happen, but it’s so choppy that it can be part of a diagonal decline and never breakout or see $1350.  Gold looks like it’s in a correction but I also have to keep my diagonal options open.

A little crash in the USD sure helps to fire up the emotional investors as they charge into gold. When you hear investors running to gold as a safe haven hiding spot, then this is an emotional decision and not a logic longer-term investment.

At this daily chart scale, gold has not bounced off the 200-day MA, which will be important to watch.

I have made some changes to the wave count and we will see if a new bearish low happens.

It also depends on how bullish or how bearish the commercial hedger’s COT reports are tonight.

I’m sure President Trump’s duties slapped on Mexico was a surprise, but really folks what do you expect in a trade war. In 1930 the trade war had the same effect when they signed the Smoot-Hawley Tariff Act.

Small tariff wars have never really stopped as many presidents also loved to enforce duties.

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