“In opposite action to equities, gold is in a medium-term uptrend and is currently in a shallow correction of that,” Coe wrote. “Momentum for SPDR Gold Shares (NYSEArca: GLD) is only just above neutral so the current pause for breath has slackened the elastic somewhat.”
Gold ETFs were among the top performers in August. [Gold ETFs Rally]
Full disclosure: Tom Lydon’s clients own GLD and SPY.