On Friday July 27, a lunar eclipse will occur that at 1 hour and 40 minutes, will be the longest eclipse of its kind in 100 years.
It is interesting to note that often market tops occur at or within a day or two of a full moon.
While we have expected the gold market to bottom and turn up as we discussed on a recent post, the process is taking longer than anticipated. Perhaps the psychology around the yellow metal will finally change over the next few days with the eclipse/full moon as the trigger.
We also note that the commercial net short position in gold is now getting quite low, we will get a new number on it Friday afternoon.
Interesting to note are the exceptionally tight Bollinger Bands on the GDX gold mining stock ETF chart.
Let's look at the charts:
It is interesting to note that often market tops occur at or within a day or two of a full moon.
While we have expected the gold market to bottom and turn up as we discussed on a recent post, the process is taking longer than anticipated. Perhaps the psychology around the yellow metal will finally change over the next few days with the eclipse/full moon as the trigger.
We also note that the commercial net short position in gold is now getting quite low, we will get a new number on it Friday afternoon.
Interesting to note are the exceptionally tight Bollinger Bands on the GDX gold mining stock ETF chart.
Let's look at the charts:
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