Loading ...Where’s the “Action ?”
Lets Face it…It’s NOT in Gold. The Gold market is Boring right now
The Action is in the General Stock Market
QQQ Daily
This looks like a classic Short Cover Rally
50% retracement in 3 weeks
But note the price has exceeded the downtrend line
Will shorts continue to get smacked or is this it ?
Could easily go up to the 62.8% Fibo where the 200dma is at.
Thats my line in the sand…note the 200 dma was support all the way up
Likely needs to be retested on the way down .
One thing for sure shorting is much harder than trading long.
sheesh
The “action” is COMING to gold.
But NOT in the way you’d prefer.
Sam’s outlook is for a decline into mid Feb.
I’m dissenting, and calling for a far more protracted (multi month) decline. At least.
August ended the waterfall 3. Deadcat for 4, now ending/ended.
5 down to new lows for those already in decline.
Hendrik Z Jensen etc calling for uber decline, but I don’t see that UNLESS the darlings in the PM universe, now fairly clearly OB on LT charts, meet up with aggressive selling.
No way for me to know if winners will hold or bolt. If they bolt, look out below. I suspect that depends on whether we see margin calls emanating from elsewhere? Not my primary, but the risk is certainly there.
https://www.ccmmarketmodel.com/short-takes/2019/1/18/are-stocks-out-of-the-woods