13 May 2024 – 08:37 Central Euro Time

The week begins with Gold at present below its Neutral Zone for today; the balance of the BEGOS Markets are within same, and volatility is light. The Gold Update inconclusively questions as to whether or not the yellow metal’s recent correction off its All-Time High (2449 on 12 April) has run its course: Gold’s rally this past week went precisely up to the perfect Golden Ratio fib retracement at 2385 (from the correction’s low [thus far?] of 2285), but has since pulled back (now 2358); too, by Market Values, Gold (in real-time) is +54 points above its smooth valuation line, and by Market Trends, the linreg remains negative. Whilst the Econ Baro is quiet today, a very busy week awaits with 18 metrics due, including those for April’s wholesale (PPI) and retail (CPI) inflation. As well, this is the final week of Q1 Earnings Season, which by year-over-year comparison has been rather mediocre (and thus is why the P/E of the S&P remains treacherously high, the “live” reading 39.2x).