Loading ...So Far So Bullish
My confidence that we’d get through the moving averages was well placed. As stated in my earlier post, I think we may lose momentum by the time we get to the $1280 region. Unless we get even more sh1t hitting the fan. That upper rail is really all that matters now.
Would love to see more basing thru May & June and try to build bigger base centered on $1250.
NorthS,
The 50% fibo (from first Golden Cross on 2016.2.24 at 1130 to 1375 on 2016.7.6) landed near 1250 which is just scaled. This tells me the bull is on to at least same height 1496 within next 130 days or end of September
Good point Matthew. Thanks.
………and the spread between both GCross is 14.5 months. Didn’t we heard the yearly cycle is 13.5 +- a month? As its May and gold has 3-4 intermittent cycles within its yearly cycle, going up from mid-May would make it right translated meaning this intermittent cycle would have to close above the last high of 1375 to remain its bullishness.
So assuming I am right…expect a tight pull back 1500-1375….just 125 bucks.
When drawing a line from dec-16-LOW connecting with March-17-low then todays action might become a BT.
I guess both bulls and bear need to be carefull.