Short update today because there’s not much to say except this: gold doesn’t wait around for anyone.
Yesterday, I pointed out that gold’s recent pullback looked like it could set us up for an entry.
And while I mentioned that I was hoping gold would hold steady until after the election and the Fed announcement next week, I also said that markets don’t always give you that luxury.
Well, fast forward to this morning, and gold futures (ticker /GC) surged 0.78% into today’s open — making it look like my proprietary gold acceleration cycle indicator might trigger later in the day. But as the day played out, that early momentum didn’t hold, and gold pulled back below yesterday’s close.
And that’s why I love this proprietary indicator I built. It didn’t just trigger because gold surged hard at the open. It kept us out of a “fake out” move that ultimately lost steam.
So what’s the takeaway? Gold’s quick moves aren’t surprising, especially in times of uncertainty like now.
As I always say, nothing goes straight up, and today’s action is a reminder of that.
We’re still in the thick of it with the Fed’s decision and the election on deck next week, so stay sharp and watch as those results come out.
This morning’s surge and pullback could be a preview of the volatility to come.
— Geof Smith
P.S. Get a first hand look at my proprietary gold indicator — just click right here.
