Here is a closer look at the retracement of gold we have seen as of this morning.
While the US markets are closed for Presidents' Day, the rest of the world is open for business.
As you can see from the second chart from Friday, gold had become quite overbought short term.
And I will also caution that the markets have not suddenly turned honest and efficient overnight.
I will be otherwise engaged at hospital for a colonoscopy, an activity a bit less distasteful than watching the political debates, but inconvenient nonetheless. And so I will not be available for emails or comments.
So after all that I think I will take the rest of the day off.
I would like to see gold hold 1190. Let us see if that is in the cards.
See you tomorrow.