Loading ...Gold : Did it Break out on Friday ?
Wow…that sure was a Surprisingly strong move in Gold on Friday
We are now entertaining the idea of at least a strong bounce here and perhaps THE Bottom
Marks LT Charts are compelling ….especially the CRB
So Can we definitively say Gold has bottomed ?
This weekly chart shows gold actually fell last week BUT that was a nice bullish hammer
BUT there is lots of resistance just north of here…No breakout yet on the weekly
IF gold gets to 1170 then a case is made for a nice run to 1225 . But at 1225 gold is still in a well defined DOWNTREND
Shoot the messanger
🙂
“Hey Fullgoldbear …screw the weekly …we don’t trade the weekly ..we trade the daily”
OK….Daily Gold….looks like a classic small pattern below the Big pattern
Show me a Higher High ! ( pass the doobie)
You decide
I think we may be seeing what Armstrong wrote about yesterday. Something we should keep an eye on. Definitely a tradable rally but let’s reassess at resistance and when near term targets are hit. I think we need to be very adaptive here.
“Right now, everyone is turning bullish assuming once again the jobs number will mean that QE4 will come so gold must rise. Perhaps this is necessary to sucker everyone in for the final low. The Benchmarks are still the target. Yet gold in this role will rise when the ECM turns down, not up. It declined from the 2011 low moving into 2015.75. So it remains a matter of time and price right now.”
I recall that one robin doesn’t make a spring
Looks like we will BT the resistance line which will make it a FBO from the triangle I think. This scenario also fits with oil, copper and gas making their BT´s as I posted yesterday (or day before yesterday).