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Gold Breaks Away from Equity Correlation; Silver's Bullish Setup Looks Fantastic

Published 08/08/2024, 08:43 AM
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I suggested in the previous post that there was a technical indicator unique to Slope. As Yoda once said: there is another. Specifically, the WET (Whining Excessively, Tim) indicator, illustrated by these powerful signals from recent comments:Tim Knight CommentTim Knight Comment

And on and on it went. The same investment that I declared would be the only thing I would happily celebrate as long, I was denigrating at every opportunity simply because it wasn’t rocketing higher immediately like I wanted. Instead, it was being dragged up and down with equities.

Well, this morning is offering some true signs that gold is, at long last, developing a mind of its own, which is all I’ve wanted the entire time. It isn’t anything explosively, but it sure isn’t slavishly following along with the /ES tick by tick.Gold Chart

In contrast, we have the /ES itself, which is sputtering around near unchanged, having achieved something sensational yesterday, which was the pitch-perfect sealing of its Sunday price gap. Glorious!Gold Chart

I’m already long GLD (NYSE:GLD), and I think I’ll buy more. On top of this, I think I’ll undo what I did yesterday, which was to dump SLV in a haughty huff.

As weak as silver has been to gold for many, many months, this bullish setup still looks fantastic.SLV Chart

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