Loading ...Gold Chart – I Love It
I’ve been speculating about this chart pattern for some time now (massive wedge breakout, apex backtest, rounded bottom, ‘hot zone, $1410 region breakout). The symmetry and chartology is perfect. Each element is working to confirm the direction (up). That hugely important bull market support line was tested and held successfully. The wedge breakout was tested at the same time and resulted in the most perfect apex hit you’ll ever see. On top of all of that we have a perfect 6 year rounded base (perfectly positioned at the major cyclical low point), allowing a steady build of market energy and forces which, I believe, will launch gold prices through the hot zone and clear above $1410 in the next 6 months (probably much sooner). At that point gold stocks will be on fire.
That’s how I believe things will unfold, but for the sake of completeness – a break below the $1220 area means it’s time to give up. Come on gold, you can do it…
Hi Northstar, I love it. So if everything followed your chart would this be the blow off top of the bull market that began in early 2000’s or would this only be the second phase of the bull market even if gold hit $2500 eventually? Curious on your thoughts and others.
BTW, IMHO I don’t see anything to be scared of with this chart … the 5+ year base has plenty of energy to pierce through $1400+ and sustain the run for many years.
Beautiful! I can see now why you mentioned not to get too excited unless Gold clears 1400! The Apex hit is spooky too, in a good way!
That $1400 area is what will ‘seal the deal’ for me Fully. Afasilver – I believe this is the next stage in golds supercycle. I’m expecting a big move in the next couple of years, with a sizeable correction into a 2023 low (a higher low), then a 2 or 3 year run up into a blow off top in the mid 2020’s. $2000 is my minimum target, but it could go considerably higher. The charts will give clues nearer the time.
Anyone have any info on Cannamex? I am seeing some buying activity today after being totally dormant. The crypto token news is already old.
It was Halted for a few months while Spock and Company explained the crypto financing to the exchange’s satisfaction
Mahalo Fully, I have a small position in the company, would you care to express your opinion on Canamex?
Gorgeous Chart Northstar
Great chart, NS!
When I posted in Nov my bullish sentiment, there were crickets. Literally no one commented. Good to see some changes now. 🙂
I know – things go eerily quiet on here sometimes. To be fair, things have been fairly tedious for quite a long time.
The technical analysis is great. What I cannot fathom is WHY gold should be rising at all? Are we in a booming, inflationary economy? Where are the fundamentals that should drive gold higher? Near as I can tell the future looks to be the opposite, so why do so many think otherwise?
Nearing the end of this particular rate hike cycle is different to previous occasions. We didn’t achieve escape velocity. Rates are still near zero. There is not enough in reserve to avoid financial disaster during the next crisis. That is the perfect environment for gold to thrive. Couple that with the dollars cyclical decline into it’s next supercycle lows in 2023 and its likely loss of reserve currency status. Do I need to go on ? PM’s know this is coming. I’m remaining cautious until we take out the $1410 area though.
Dollar’s loss of reserve currency status? What can possibly replace the dollar as a reserve currency?
China, Russia, India, Iran are all already using alternative arrangements. It’s happening, now, in real time https://www.google.com/amp/s/seekingalpha.com/amp/article/4208881-dollars-days-reserve-currency-may-numbered
I think more importantly assets are just starting to shift out of stocks and dollars into gold/silver/miners. Bonds have had a bid also, but they haven’t help up as well as gold since the end of last year. I think Palladium was telling us something also. Everything is coming into place for a perfect storm and the charts are revealing it IMHO.
I agree
Great chart, Northstar.
Thanks 😉