Gold Drops $35 In Skittish Market
On March 5, we noted concerning trading action in Apple. On February 29, we highlighted similar concerns about gold and silver. It is only a matter of time before central banks print more money, which means we want to keep an eye on gold for a possible entry point. Wall Street is already looking for the Fed to ramp up more QE in April.
The gold ETF (GLD) is near support around 162, which includes the 200-day at 162.72. Given the current daily DeMark counts and the chart below, even if gold bounces soon, GLD may eventually head toward the 155 to 157 range. The chart below is as of Monday’s close.
