Loading ...Gold Pattern Breakout
The pattern breakout that I was watching unfold on Dec 17th appears to have made its initial move today.
I described the setup in the link below…I’m still looking for $1,200 and as Spock says “the masses are usually wrong”. Totally agree….use herd behavior to your advantage!
agree totally Mark.
In fact, I will go on record here and now and state we have seen the gold bottom and the bottom in the miners. And I am NOT a gold bug. Just a chartist.
Bold call Mr. Spock. Bold call.
i have the chart to back it up. will post it some time, after this next move starts to inflict some pain on the shorts.
I think so too….I know that at Martin Armstrong’s website: armstrongeconomics.com SOMEONE there said in one of the daily commentaries around
December 23/24 that gold had bottomed on the benchmark or words to that effect which meant the first week in December…I remember it very well because I wrote down on a card: “Merry Christmas gold has bottomed” and gave it to my husband in his stocking and then suddenly Amrstrong posted a completely
garbled, rambling, confusing post that seemed to contradict the statement saying that gold had bottom….so I assumed the commentary was correct but it wasn’t to have been made at that time…but I am a goldbug so I can easily get my wires crossed….lol
Looks good. For the liftoff to happen, the USD will likely need to start moving into an IC Low tomorrow.
Here’s a question I have…when will gold trump ALL the fiat currencies? When will we see gold being more desirable than any fiat currency? Will gold get to a place where there will be no fiat currency cycles that will impact it?
YES! I just realized that your Dec 17 charts showed THE GOLD BOTTOM the first week in December followed by a higher low and now your updated chart of January 5 is showing a third higher low! Impressive!
With in this bear trend gold has been making lower lows and lower highs. If gold takes out the high above at $1200 that will be the first time gold makes new high.
Until then lows are marked by Jul, Nov and Dec lows.
on the daily chart aren’t there 3 higher lows starting with the lowest one in early December…I’m not saying that this small series of a low the first week in Dec followed by two higher lows is confirmed yet