Stock Market Update as of July 24, 2020 - COVID Continues, Gold Rises, Dollar Falls

I keep thinking gold has hit a top, it must be, but then as things continue on, it appears it may still be in stage 2. The dollar is falling, COVID flareups and the ramifications for people and businesses continues, however, the overall market indexes are all still above their 30 week moving averages. What is a cat to think?

I bought some of the Gold ETF in 2017 as a hedge. Didn't think too much of it and let it sit there as a rainy day investment. The question for me now is do I buy more or wait it out? In reviewing the chart, it looks like there is room for more advancement before GLD enters into stage 3. A stop loss is in order at $160. Note the resistance to move past is the $179 high in 2011. This week can be key to see if it can plow through that resistance line.

A ChartMill chart below, confirms gold is in stage 3. (ChartMill has Weinstein indicators).

 

And then Greg Schnell posted an article comparing copper and gold to the dollar.