During his program on CNBC on February 28, Jim Cramer expressed frustration with the impact of earnings reports on market behavior, noting how they often prompt rash decisions by average investors. He criticized the short-term focus and lack of attention to nuance in news coverage of earnings. Cramer cited examples of Home Depot and Lowe's, highlighting how investors reacted hastily to headline news without considering the broader context provided in earnings calls.
Why it's not the time for gold
2021-05-27 • Updated
Gold H4 chart
Gold Daily chart
Gold managed to break above $1900/Oz during yesterday’s trading reaching as high as $1913/Oz. However, it failed to sustain these gains and declined back at the end of the US session, closing the day below the $1900 handle. The technical indicators are heavily overbought, which suggests a possible downside retracement in the coming hours/days. Therefore, do not chase the current rally with long positions at the current level. Instead, I would wait for a couple of days, as the downside retracement might continue toward $1850/Oz which could be seen next week. Yet, we will maintain our medium-term long positions issued back in April at $1710 and $1725 until further notice.
S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
1856.11 |
1878.09 |
1887.38 |
1900.07 |
1909.36 |
1922.05 |
1944.03 |
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