Loading ...Gold weekly
I want to preface this by saying I am just as bullish as Spock and everyone else but I did have this weekly chart pulled up. I’m hoping gold pushes above the line to support the bull case.
Wanted to add gold weekly in Euros. Looks a lot cleaner. Good looking chart here
Troublemaker 🙂
Ha Just chart porn.
Really long term line…only 2 touches…last one 2004
Iffy but of course possible resistance
I had something like this last year when gold was falling below the line:
http://1000gold.blogspot.co.uk/2015/03/gold-hit-1195-at-bottom-of-its-uptrend.html
Second chart, longer term one, blue line. This line and the parallel above it – I wondered if that channel would define the uptrend of the next rally or provide support for it. I had abandoned the idea long ago!
Hmmmmm … what if the line is resistance? Then the whole bull market looks like a giant sloping megaphone. We would be backtesting the breakdown from the megaphone on this current rally by reversing at the line. Target $500-$600.
Isn’t chart analysis fun?
Looks like there are only a couple of us bears left, we will see what happens when the bull gets his horns lopped off. Lol I think I can count them on one hand, Pedro, uiguy, winelover and myself. Yup, all on one hand.
Randy, I would take a look at the Gary Savage video that he posted tonight. The correlation with gold is now inverse to the stock market. Ask yourself where you think the stock market will end up this year. That’s the main thing that keeps me long because that correlation won’t change until we’ve seen the correction in stocks finish. I agree EVERYONE is bullish but these are unique times in the worlds economy.
If you are right I will eat my words but I just don’t think it is time yet, there will be a lot of people caught as this thing deflates, but we all see something different which makes this so much fun.