On the heels of the recent takedown in the gold and silver markets, it may be time to buy gold according to Raymond James.

S&P 500 Timing Chart
August 23 (King World News) – This is from Andrew Adams at Raymond James:  The S&P 500 remains between the one and two standard deviation bands above its 50-day moving average, where it’s mostly traded since early July. Not the most opportune time to enter positions, but so far the index has refused to really fall far from recent levels.

Not An Opportune Time To Go Long

S&P 500 Hits New High…I Guess?
Well that was anti-climactic! After almost seven months of waiting for a new all-time high, the S&P 500 did break new ground Tuesday but was only able to stay above the breakout point for about five minutes during the normally dead noon EDT hour…

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The index ended up giving back most of its gains and did not make a new all-time closing high. So while, technically, we did get a breakout to new highs yesterday it certainly wasn’t the kind of breakout we wanted to see. … In the near term we want to see a new closing high, not just the quick intraday high.

Worst Breakout Ever

Gold Looks Horrible; It May Be Time to Buy Gold
Admittedly, the price of gold and the gold miners (index below) have done terribly from a charting perspective this year. We have tried picking bottoms around likely support points, but the declines have kept going. However, sentiment is about as bad as it can get for the metal and over the last week there was an undercut low in the Gold Miners Index beneath the 2016 low that quickly rallied back up above the breakdown point. It’s still a risky play, but the recent waterfall decline and undercut low do have the looks of negative extremes where bottoms are often made.

Gold Miners Hit Negative Extremes!

***KWN has now released the powerful audio interview where Gerald Celente gives a sneak peak look at the just-published Trends Journal and also discusses the recent smash in the gold and silver markets and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.

ALSO JUST RELEASED: Here Are The Keys To The Just-Released And Surprising Fed Minutes CLICK HERE TO READ

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