In my last chart of the day I noted that gold and the metals sector in general were too stretched above the 200 DMA and would likely have to churn for awhile before the next leg up could begin. After seeing the sell off following Friday’s employment number I think I probably called that one correctly. The metals may have to churn sideways for most of August before the next rally begins.

I’m going to go over in detail this weekend what I think the sell off on Friday in the metals means for the sector. Hint: It’s not that bearish.

If there are any of you left that haven’t gotten on board the SMT here is another chance. 10% off the regular annual subscription price good for this weekend only. Buy a regular yearly subscription and I will refund $20.

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Gary Savage
The Smart Money Tracker

Gary Savage authors the Smart Money Tracker and daily financial newsletter tracking the stock & commodity markets with special emphasis on the precious metals market.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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