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2022-11-14
Copper Reversal
Copper reversed at an important resistance level. The gold/copper ratio has pulled back since July's highs, mainly a copper-driven move, and coming up on a base of support. A turn higher led by gold will signal stagflation and a turn higher driven by losses in copper will signal deflation. A continued drop in the ratio signals economic growth may remain strong despite the inflation. As for the S&P 500 Index, the next level up is clearly 4100. Nothing particularly bearish will happen until 3930 falls on the downside.
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