Wow what a big down day! Not stocks - Gold, which was down more on 2/28/20 than any of the US stock indices.
My 2/24/20 GLD post noted Gold/GLD could have a spike top near the new moon on 02/23/20, since then in spite of the virus panic Gold is down.
The crowd buying into this "safe haven" got burned.
High probability of more downside in the coming weeks.
Stochastic has had a bearish crossover and is now in the neutral zone.
RSI has a bearish divergence vs. the 02/04/20 price bottom.
MACD has a bearish crossover.
Very good chance GLD could reach the first support area.
The vast amount of bearish evidence suggest a decline could last months and even years.
Long term minimal target is test of late 2015 major bottom.
Mark
My 2/24/20 GLD post noted Gold/GLD could have a spike top near the new moon on 02/23/20, since then in spite of the virus panic Gold is down.
The crowd buying into this "safe haven" got burned.
High probability of more downside in the coming weeks.
Stochastic has had a bearish crossover and is now in the neutral zone.
RSI has a bearish divergence vs. the 02/04/20 price bottom.
MACD has a bearish crossover.
Very good chance GLD could reach the first support area.
The vast amount of bearish evidence suggest a decline could last months and even years.
Long term minimal target is test of late 2015 major bottom.
Mark