S&P 500 Support Just Broke: Big Money Unwind Spreads | Gareth Soloway

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Gareth Soloway says the post-Fed equity unwind is broadening beyond semis and is being driven by a hawkish 9-3 Fed hold, with the Nasdaq 100 finishing in correction territory and South Korea’s KOSPI down 33% this month. He argues the risk-off backdrop, dollar softness, and structural macro forces keep his long-term bullish gold view intact, with a stated cycle target of $13,000/oz. The discussion highlights a violent reversal after the Fed decision, a deep selloff in memory chip names such as SanDisk (-57% in 30 days), and Soloway’s concern that the AI capex trade may be rolling over. He also points to a New York Fed credit-market warning as another sign of stress in broader financial conditions, which can support safe-haven demand for precious metals. For metals traders, the key takeaway is that a sharper equity unwind and lower confidence in the growth/AI trade would be supportive for gold on both defensive flows and longer-dated macro hedging demand. Near term, watch whether gold can hold its breakout structure after the Fed-driven volatility, with the market likely to key off the next move in the dollar, real yields, and whether the tech selloff continues to spill into broader risk assets.