The odds indicate that we are. Surf City’s cycle work offers one reason and my friend’s work offers a completely different one.

The GLD weekly chart indicates the 200-day SMA is also a good place for at least a bounce – even if we don’t finally bottom out until $1,125 or therabouts. The market will soon make it clear which area will be the low.

 

Below is a daily continuation bar chart of Comex Gold. Notice that unlike recent bottoms this time the 50-day EMA is BELOW the 200-day EMA. The last time these Exponential Moving Averages were in this same position (right after the 2016 US election) gold had another $34.30 to fall before finally bottoming at $1,124.30. The equivalent today would mean another decline to $1,204.50. It’s my opinion that if Norvast is correct and the US Dollar hasn’t yet topped, this could well happen. Even if it does, a large rally should then take place – probably between $125 to $155/oz.

 

This was published yesterday. I intended to post it last night but we were traveling.

https://goldtadise.com/wp-content/uploads/2018/07/TechFocus-Weekly-Gold-07-03-18.pdf