Some Gold Scenarios
Some different scenarios from best to worst. I’m still nervous for the Gold market as there are a multitude of reasons to be but that will have to be outlined in a separate post…but one of the main reasons is when Gold topped. Gold topped on the day I had shown here in this September post https://goldtadise.com/?p=434148 but I’ve shown the chart a few times over the last few years. But for now I prefer a drop to at least 1226…maybe by May 23rd and then coiling into Oct before an advance to the 1650 range by the 2021 inauguration. That is my least bearish option but more bearish options are certainly viable. The dollar is not adhering to previous dollar top cyclical action…at this point it’s everybody just saying it’s going down as it continues to hold. In previous tops the dollar declined for 34 months before a bounce. https://www.tradingview.com/x/RQagPDnK/ ..it only declined for 13 this time unless it tanks into Oct but even then I think the dollar has already shown it’s hand. A window could open from May 23rd to Oct 14th but it seems the cycle has inverted. Shall See
Nice work Schism and thanks for posting. Your charts seem to point to a painfully slow year in gold as it makes its way down to $1113. You also said somewhere.. “gold making lower highs”, good scenario if one is trading. Lower highs too: http://schrts.co/acFcAIdb
“good scenario” meaning a lower low could have a violent upside.
Agree Tbone, that is my preferred scenario. I think that is a sneaky target that marginally breaks the Dec 16 low….theres a nice confluence of old hot rails in that region also. That would almost certainly produce a capitulation event that could produce a $500 dollar move up imo. If gold is really strong I think it stabilizes at this gap https://www.tradingview.com/x/teQO02QW/ fill in the futures chart at 1225. But because of the importance of the top date I cant discount the poss that THE storm is coming for a major low in june of 2020. But for now I hold my Feb 19th shorts and will wait and see how price reacts to support.
Thanks for the charts Schism! Looks like a lot of waiting still ahead for long time holders. Don’t know how long I’ll hold onto my phyzz if the Nasdaq keeps making new record highs.
That said, Gold to test 666 in 2022, 13 years after SPX 666. you heard it here first 😉
trust me 2022 is on my radar…specifically march lol..I dont have a big date for gold in 2022 though but I have big stuff in 2020 and 2023. But I def think SP is in play.
Looks like that gap was filled – at least on stock charts data anyway!
Thanks for sharing your thoughts Sir Schism. Good stuff even without the gold cartoon rockets…
lol