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Gold rates, in U.S. dollar terms, and also supplies are both overbought and traders can expect an adjustment in the brief to tool term, this according to Phil Streible, senior market strategist at Blue Line Futures.
" I just assume it's miscalculated now. There has to do with 311 firms out there that have just recently entered into this troubled state. The insolvency degrees are raising. I'm fairly bearish on U.S. equities," Streible told Kitco News. "As quickly as [the NASDAQ] breaks down a little bit, there's mosting likely to be a fast run to the door. I assume the S&P 500 ought to be around 2,500."
Gold rates ought to be checking the $1,666 an ounce level on the disadvantage as well as if this flooring is damaged, the fad might become bearish.
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Don’t be “deceived” by rallies; gold price and stocks both due for pullback – Phil Streible
Gold prices, in U.S. dollar terms, and stocks are both overbought and traders can expect a correction in the short to medium term, this according to Phil Streible, senior market strategist at Blue Line Futures.
“I just think it’s overvalued at this point. There’s about 311 companies out there that have recently gone into this distressed state. The bankruptcy levels are increasing. I’m quite bearish on U.S. equities,” Streible told Kitco News. “As soon as [the NASDAQ] breaks down a bit, there’s going to be a quick run to the door. I think the S&P 500 should be around 2,500.”
Gold prices should be testing the $1,666 an ounce level on the downside and if this floor is broken, the trend could become bearish.
__________________________________________________________________
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