Algo Trend Analysis Gold – struggling to hold positive momentum – look for down side over next few months

Dave Poxon The Index Strategist

Below is the daily algo trend chart for Gold . While gold has been cycling up and down, the gold out look is becoming increasingly negative. Gold has not broken below the medium algo trend (blue line) but the major cycle peaked last year on gold and our LRX cycle data is only mid cycle indicating that more downside is coming. Avoid anything but short term buys on over sold with low profit expectations.

Author

Dave Poxon

The Index Strategist

During the past 25 years, I have worked at some of the largest investment firms in Canada including BMO Nesbitt Burns, Canaccord Genuity, Refco Futures Canada, performing quantitative research and trading.

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