Loading ...Baffled
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Of course as the Canadian Dollar drops against The US Dollar ..even if Gold was flat in US Dollars the price of
Gold in Canadian dollars will rise…but Gold is rising in US Dollars too so this move has been astronomical really
$200 increase in 2 weeks..wow
as the daily chart shows (This is the same in all other currencies except the Swiss Frank )
To project where Gold in Loonies is going here is a weekly chart
Looks like this move has maybe another $30 left before a correction.
But you never know when there is a parabolic move .
There is a resistance zone just above here and the top of a pattern too
This chart is bullish however since the broke thru that downsloping line with avengence .
Thanks for that! (And the welcome ;-)) And yes, very interesting.
If $US gold has a few big tumbles in it yet, as many here (plus Rambus, Armstrong, etc.) seem to believe, then how does $Can gold fulfill this very bullish breakout? Only by considerable further depreciation of the Canadian dollar vs the US dollar, yes?
But if $US gold drops to say $900 (or Armstrong’s $6-700 possibility) while $Can gold continued this bullish chart, then what in heavens would the Canadian dollar have to sink to vs the $US??
I remain, Baffled. (I like to blame genetics.)
What we see in Gold right now is similar to what occurred at major lows in 1976, 2001, 2005, 2008 and now. Gold bottomed as the US$ was rising. The reason is that Gold was no longer in a true bear market when it was falling against most currencies and assets. The US$ was up over 10% in 2014 but Gold was flat. Both the US$ and Gold are up nicely in recent months. From looking at Gold against all currencies, its clear that one of the only things holding it back is US$ strength.
A better question, is what happens if the US$ corrects for several months or a few quarters. Right now there is record bullish sentiment on the US$ and according to my work it is the 3rd most overbought in history. The other two times were in 1984 and 2008. On a counter trend move Gold could rise to $1350 and perhaps even higher. Gold has held up well with a very strong US$
Furthermore, a few months ago gold stocks and silver were at the 2nd most oversold points in 70 years. The most oversold for gold stocks was at the 2000 bottom and for Silver was at the 1982 bottom. At the absolute worst, there figures to be a huge rally. Otherwise, a new bull market or cyclical bull. The targets of $900, $700, etc, have 0 chance of happening anytime soon. You’d need to see a huge rally for 1-2 years to set that up. In Oct/Nov I thought Gold could spike down to $970. It had the chance to do so then but failed.
If we are in a bull market then Gold will hold above $1250 and go above $1350 in the next few months. Also, keep in mind that many people will remain bearish or skeptical until Gold goes above $1350.
Hi Jordan…this is ground breaking information
Good to see you
Please post this in a separate post on the main board as these comments are not widely read
Feel free to include a link to your website .
This is interesting analysis ..
I believe you are a level headed PM analyst and that is what we are welcoming here
I know we had a misunder standing when you first posted here
One of our members thought you were spamming
Its all good now
Fullgoldcrown
Thanks, DailyGold! Really appreciate your insights as I am definitely struggling to get a handle on the bull-bear sentiments. (e.g. Armstrong’s theories intrigue me but his writing confounds me. And I’m skeptical of the claims for his calling so many targets to the day. Suspect there could be an equal number of failed forecasts in his closet.)
If it’s ok for you to post a link to your site as Fullgoldcrown mentions, I for one would really like to take a look.
Found the site, Jordan.
Baffled..Jordan is great
Highly recommend him for a baffled Bug…he is your guy
his website is on our sidebar