Comment: I just commented on gold's behavior for today's price action. The spread between copper and gold is actually quite logical. Dr. Copper is known for it being a leading indicator of economic or market strength. Gold on the other hand is a safety asset for the most part. So basis behind being overweight in copper and underweight in gold has to do with an improving stream of data (i.e., stronger market/less bearishness).
Comment: Removing target 1. I am letting this one slide lower to at least target 2. BTW, this does not necessarily tell us copper will rise and gold will fall. What it likely tells us is weakness is ahead in ALL metals, so this is further substantiation to SHORT gold.
Comment: For the last 15 years the correlation has been .88. So again, correlation is strong, but magnitude is what differs most.
Trade closed: target reached: Both 1 & 2