Loading ...This chart is telling me we go down first…
And since we are very close to the apex of Fully’s triangle, are the commercials telling us its all over? 1300 seems to be an insurmountable barrier, how many times do we hit it without a convincing breakout before reality sinks in?
What I cannot figure out is why gold should go up in the first place? Zilch inflation, all the war words are just that, so why should gold go up rather than down or just sideways? Inevitably there has to be some sort of fundamental reason for prices to move.
Already the Commercial Short COTs are moving back up ?
That does occur during every rally of course…but this seems rapid given the small move up so far
Your question regarding a catalyst does deserve some thought. I suppose Gold Bulls are banking on a massive inflation push via QE4 if the economy and or the Dow Falter….but is that realistic ? If it is I agree with you it wont be now. Look at Japan…they haven’t been able to spark inflation for 30 years and quadrillions of yen printing of trying.
Right now the Fed and CBs are trying to “reload” as they are out of bullets.
Maybe a good old fashioned nuclear war will be the catalyst.
Anecdotal evidence of a pretty strong economy, GDP numbers notwithstanding. We have 3 booths at the largest antique mall in America, just north of here. Sales through July this year are 24% ahead of last year. In fact we’ve sold something 45 days in a row as of yesterday. That’s never happened in the 7 years we’ve been there.
Just having a look at historic COT figures and what they meant for gold price. Posting in 3,2,1…