Unbiased Chart
I’m seeing so many articles calling for a resumption of the gold bear market now. Lots of $1050 ‘double bottom’ calls and ‘gold to less than $1000’ type pieces being published. As a contrarian indicator, this is good, but only if everything else stacks up. If not, then we may indeed be heading much, much lower. I’ve posted articles that show why the cycle analysis points to dollar down, gold up for years to come. I’ve shown COT data and managed money charts showing we’re at an extreme (highly supportive of an imminent turn). I’ve stated that I think we could see a short spike to below $1200 (maybe $1180-$1195). Now I just want to look at a very simple gold price chart, with 3 clear, unbiased indicators. Stefano Bottaioli on Twitter uses these, and I think they work really well when you combine the 3. When they all hit the sort of lows that they are currently at and then turn up, it’s a strong buy signal.
Thank you, sir!
Welcome MM ๐
Good work and appreciated
So many bears. Outside of the goldbugs hard to see a positive
Comment anywhere.
Seems to be a general stream of bears everywhere.
Someone said yesterday their was positive sentiment
Your work is greatly appreciated. And yeah. Seems just a few left with hope
Thank you Mserr. These bearish sentiments are just what we need to mark a major low and as a precursor to a short-squeeze and rally in the PM space.
GDX is on calendar day 41 from the 28 Jun DCL so it is entering the timing band for a DCL/ICL
I like Fibonacci numbers so expect an undercut on say calendar day 42 (09 Aug) before hosting an ICL/YCL
An undercut low would ease the parameters for a move higher after yesterday’s large capitulation selling.
Thanks as always Norvast ๐
Thanks for this chart, Northstar, and for all your contributions.
Now to “nitpick”: when you insert a chart into your posts, would you please click on the chart and expand it by pulling the borders to the edge of the text margins in your post? Doing that will enlarge the chart as we view it AND allow us to enlarge it again for greater clarity. Thanks!
Will do BBM ๐
ThAnks again as always. Appreciate the info as always
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