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Why is it so difficult for us here collectively to believe out own eyes
We study many TA disciplines here. Chartology Especially , as many posters here are Chartology Students with Rambus
Every now and then a classical pattern like this one develops and breaks out ..and yet we still choose to impose
our bias upon it and look for reasons to call this a FBO or look for other more obscure patterns which show a top or worse we…..
Until 100.50 is taken out convincingly this pattern strongly suggests a continuation of the dollar Strength
and calls at least for caution in the PMs. is Caution and PM Trading an oxymoron ? or am I an oxymoron ?
Maybe this time is different , but betting on that while this thing still looms can be hazardous to you Portfolio’s health
Then there’s this Rambus Inspired Chart
If HISTORY REPEATS WE COULD DROP BACK TO SAY 96-97 AND GOLD RALLIES…FOLLOWED BY…WELL …YOU KNOW
Caveat…I am long the Rocks here too.
Excellent post Fully. Just an observation but looking at the construction of each ‘halfway pattern’ because the second is not yet confirmed as we have not reached the price objective just yet…the first made a very obvious IHS to consolidate which is visible even on this monthly chart. Now looking at the current pattern unless this drops back into the pattern and back out surpassing the area we are in now…it could very easily be forming a H&S at the end of an uptrend. Would have to wait and see how it plays out then hindsight is a wonderful thing. Till then it is the elephant tied around the neck of PM’s. The 30lb gorilla.
Hmm, hard to reconcile a rising dollar with a PM bull. So many reasons to be optimistic for Gold/Silver, but if the dollar surges it must surely pull PMs down. Very tricky.
No problem believing it here. The chartology fits my understanding of what happens in a post bubble contraction. The world’s reserve currency gets stronger. Outstanding debt is a synthetic short of the USD and when credit is liquidated it strengthens the dollar. We are witnessing this occur.
Feel free to shoot me down, but your chart shows massive negative divergence on the RSI. Apart from the fact that almost the whole of the market is dollar bullish, isn’t this a cause for concern for those who forecast 120 po?
Feel free to shoot me down, but your chart shows massive negative divergence on the RSI. Apart from the fact that almost the whole of the market is dollar bullish, isn’t this a cause for concern for those who forecast 120 po?
I was just about to post the same Bobby . . not to mention the entire world is long the dollar, with sentiment readings of 96% bulls in the dollar. That does not usually bode well for the continuation of a trend.
Which is a reason I am long some PMs. The Dollar could drop to 96ish which would mirror the previous fractal
that would reset sentiment and the divergence and allow the next Impulse Move to 120ish. Bottom line the Dollar Chart is Bullish
A break down from here can put us down to the 90 region and we can remain in a sideways trend for years.
Am I correct in thinking that the price of oil rises with the us $ ??? If so then gas gets pricey which hurts all. But on the other side of the coin, the oil patch would pick up then in Canada. Just thinking of house price collapse up here.
A break down from here can put us down to the 90 region and we can remain in a sideways trend for years.
Not just the RSI divergence but also on the MACD since 2015 on both the daily and weekly charts. Lastly my longer term price channel shows a potential top near the 105-107 level. Lastly, Gold just made a higher yearly cycle low with the USD at a 15+ year high.
Not sure how one might apply ratios to cycles. But you can definitely see the monthly tension POG:$USD, despite our tension over dailies/weeklies.
At my age I’d hate to heel over as these ratios continue to evolve.
Thanks surf city. Every wave set has it’s character.
According to the Laws of Physics, a body in motion tends to remain motion. On that basis I lean towards the $USD continuing up and agree with the Plunger and FGC interpretations.I,of course, am probably way off base but it seems there is too much anxiousness for the bull market in Gold to resume, which is understandable but the massive H&S top has not really been fulfilled, but, of course, might not happen.Round and round she goes, where she stops, nobody knows.