Gold is Tapping Around Looking for a Tradable Bottom
As of Friday morning March 10th, gold has been down nine days in a row. If you were flipping quarters the odds of heads coming up that many times in a row would be 512-1. Gold going down nine days in a row should only happen one time out of every five hundred and twelve trading days. Or once every two years.
Measuring sentiment is difficult when you are not at a major top or bottom but if you look hard enough there should be something giving you a signal. Gold is highly over sold; I believe we are still in a bull market. I also believed a month ago we were starting a correction. We have had that correction. I think gold is looking to go up again. That would be very bullish, giving a higher low.
Sunday is a full moon. Commodities like to change course at full moons or accelerate in the direction they are going. It would be irrational to believe gold will continue down and accelerate further after nine days in a row of lower prices.
Everybody back in the pool.