Market Update: Lack of Direction
The market is still looking for direction, range bound for several weeks now. Until we break lower or higher from the range, it’s hard to tell what the next move will be. S&P needs to break north of 1120-ish or south of 1080-ish.
For individuals who were waiting for a gold pullback to get in, we are close to $80 off its highs, now around 1140/o.z. This is a decent pullback that might warrant some adding to positions. Of course, if a major correction happens in equities, it will likely pull gold lower as well in the near term which is why I recommend periodic, consistent buying of gold these days. I’d love to get more closer to the $1000 level. I can’t imagine we go south of $1000 for some time, if ever. We’ll see.