Loading ...Sleepless in September
Some Random Charts pertaining to Gold for Insomniacs from my watch list :
1….Monthly Australian Dollar. ( A Commodity Currency)
This is concerning . Trying to be objective here . What do we see ?
A Potential halfway pattern Down ! Needs to break thru strong Moving Average AND Trendline Resistance.
This is a very rarely seen Direct Collision of Price with 2 Important Moving Averages ! Striking to say the least.
2…Baltic Dry Index. ( A Commodity Proxy)
Weekly : Being Objective. We see an Unambiguous Breakout UP !
Monthly : Looks like a Bull Move beginning off a BIG Base …Weinstein Stage 2 !?!
3…Barrick Gold ( Worlds Largest Gold Miner)
Following the script so far.
4….Canadian Dollar Gold. Breaking Down ?
5…Euro…Backtest Complete ?
6….Copper…needs a backtest to 280
7…Gold….
Ah one more
Silver Stackers wet dream
You are correct!
The AUD had just completed daily cycle 3.
Daily cycle 4 is generally the weakest and may well coincide with a downturn in stocks.
Maybe until mid Nov when it will host an ICL.
If you want to follow gold and what it may do in the future then best to look at AUD, CHF and TLT
TLT is a great lead indicator…
I expect gold to move higher having just completed daily cycle 2 with the next low in early Nov then mid Dec quite possibly an ICL
I don’t know about TLT ….Since 2011 not so co related with Gold
and now with QT….Quantitative Tightening….TLT will by definition have topped out and start the long journey down
https://stockcharts.com/h-sc/ui?s=TLT&p=M&yr=15&mn=0&dy=0&id=p78722111328
And concerning the AUD…please look at my chart ….Strong resistance and a bear Flag signalling potential long term DOWN
Not sure how many have noticed, but Newmont’s market cap is now almost two billion dollars higher than Barrick’s. Not sure what to make of this week. Maybe gold is just heavily backtesting the breakout in August, but then Rambus thinks that it may have been an FBO. Always a guessing game.
Important set of charts to watch. Thanks.