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If you are really looking for opposing ideas please consider this chart :
Gold Weekly with the 90 Week EMA
Gold wasabove this EMA and they were both rising from 2001 to 2012 = Bull
(in 2008 Gold briefly broke below the 90 WEMA but the 90WEMA never turned down)
Gold broke below and backtested the 90WEMA in 2012 and has stayed below the falling WEMA = Bear
Until NOW
And
The 3 year falling Wedge has been broken and backtested.
One thing we agree on…A higher low will seal the deal .
Where will it be ?
Nice Chartology Fully!
Great chart to keep in prospective. The mining stocks are acting similar to the rebound from the 2008 crash low IMHO. Flying higher and they aren’t looking back. IF you aren’t in yet find some good juniors that haven’t broken out yet and take your positions and place your stops. OR be ready to place your positions on a breakout with stops in play. 20% downside and 100%+ upside potential. JMHO
Reminds me of the time 3-4 years ago when Rambus turned to the “dark side”; He was one of the first, if not the first to go bearish on the PMs by using classic chartology. Took months for the nonbelievers to concede and go bearish…
I love this chart… It seems so obvious, yet one can’t see this chart and conclusion anywhere else… Good show!
Thanks Plunger its a KISS Chart for sure
We could still see a retest of the 90WEMA as we did when it broke down in April 2013
That would be a test of about 1200 (slightly lower)
Nice charts. You can draw trend line on different peaks. Even on your chart this could be classified as false break out if we get back into channel soon, especially with gold not going higher then 1308 peak. There are false break outs. I would argue they are more common then not to draw longs for kill. Looking at this chart we bearly broke out. What happens next matters https://www.tradingview.com/chart/XAUUSD/kadxWoQ1-XAU-USD/
In my view TA matters but you can’t only look at charts alone as Gold is heavily manipulated market with gold cartel naked short selling paper gold in order to flush long specs down the toilet and make huge money on their short position. Therefore one needs to look at their short position and that trumps TA and charts, which is why i implemented their short position into chart analysis which i posted. Looking at history of those short position 100% of the time gold went down after 2011 year. Prior to that their algos didn’t work as well as they work now.
Expect longs to taken to woodshed. Remember smart money is commercials. Dumb money is small specs and hedge funds, which 90% of the time they lose. That’s also a fact looking at commercial short position and down drafts after their position.