Another LQQK at GLD

Gold is interest rate sensitive and if interest rates go up that will push the US dollar up and gold down. As can be seen in the chart below of GLD, which tracks the price of gold by 1/10 , gold made a top on March 17th and there have been 3 lower tops since then. This is the classic definition of a downtrend: a series of lower highs. Gold lost some of its glitter today, down heavily. It is interesting to note that the top in the market in gold happened the same day that there was a bottom in the S&P500 index. In other words, as the stock market was falling gold was going up, and when the stock market hit a bottom and started going up gold started going down. Note the so called "Golden Cross" to the downside where the blue and red lines cross (the 20 and 50 Simple Moving Average) which is a bearish sign. And also note the CCI is below 0, also a bearish sign. Click on chart to enlarge.