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Using GLD as a proxy for gold, I am expecting a consolidation for wave (iv) and another high before a pullback.
Happy New Year to all GoldTents !
Update: Just to end 2017 and start 2018: Gold = always the same story? 8 year cycle (and remember ’70 move) (Chart from Stefano Bottaioli)
So for dummies like me, consolidation of sorts here…maybe down to weekly broken trend line back test on gold (1275?) before final wave up and an ABCfor the daily ‘cycle low’
Wazcam, very possible. DSI sentiment for gold is at 72% bullish. We got $66 off the bottom. Still possible to get $10 more before retesting
the boken trend line. Chart from RTV: https://s14.postimg.org/54w3ftk0h/Gold-_Daily.png
Or maybe not, to fool us all. Perhaps it will be like the ball held under water being suddenly released now that Bitcoin might be given a more taxable environment.
Your long term 8 year cycle really puts the market in perspective for long term investors. I sometimes get caught up in the short trade 44 day cycles.
Thanks for that great chart.
I agree with your call for a minor intermission, maybe before the $US breaks 91 or $1320 Gold? If your link to RTV’s $1500 chart plays out I would expect the $USD to be 80 +/- currency protection for investors heavily denominated in $US may be prudent? Silver needs to get it’s act together or the PM’s are going to stagnate IMO. PM earnings are going to be especially interesting for Q4 due to Silvers non participation IMO.