Loading ...Post on kereport had this chart: Look at gold’s RSI.
A poster on kereport.com named FranSix:
http://www.kereport.com/2016/02/11/market-wrap-thought-provoking-opinions-chris-doc/
had this chart link:
and said “RSI on the monthly chart over 50 and red and green crossover in the ADX for gold. The weekly stochastic 14,7,7 says that there’s still room to travel.”
What I noticed was that the RSI is over 85. The RSI has visited around 85 in the past in various highs in 2001-2011 bull market but the only time it went over 90 on that chart was at the panic spike in 1999. Conversely, the ADX (whatever that is) is nowhere near a major high.
I was thinking about this yesterday … is this like the gold spike in 1999 (which was from $260 to $340 approx)? That spike launched the bull market but only after it was nearly undone in its entirety. Maybe the powers that be will come in to save the day? Maybe not.
We are watching history being made.
That spike was the Washington Agreement spike where a dozen central banks set a limit on how much god would be collectively sold