MacroVoices #378 Ronnie Stoeferle: In Gold We Trust - Showdown
Macro Voices
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The Commodity Index Is a Decisive Bear Downtrend
Gold's pullback mirrors the one in February, when it poked down to a 50% retracement just temporarily below its 50-day moving average. When this happened back in March, it started a new bullish breakout move on the upside. If we see that the bulls here are struggling to hold on to gains above the $2000 level and then it rolls right back down,then that could really start that kind of a bigger correction. The Bloomberg Commodity Index has been a decisive bear downtrend for now an entire year. We may not be seeing a major turn in this Commodity index until the fourth quarter of the year even when we do.
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