Loading ...Don’t Worry be Happy Chart
7 months in 2016…straight up.
lots of folks bailed early because of this or that !
lots of others couldn’t catch the train after it left the station.
In gold moves like this …I have tried to play the ups and downs
I have tried to hedge when the charts get scary vertical and gaps abound.
Only makes you lose $s .
When THE correction comes we will know
We have good TA analysts in this community.
🙂
Hope you’re right, but I think we’re in for a corrrection dead ahead.
We could correct back to the bottom of the bowl basing pattern at any point (currently around $1300). That would be bullish and healthy though. In my view, this is a time to just hold on.
Your chart would tend to make me worry and be extraordinarily unhappy except for the fact that the overall trend has been up since the beginning of the millenium and more recently since early 2016.
Even so I do not like it because it is too much too fast. I am happier with smaller moves. It looks as if it “wants” to correct. It could go up high, literally off the chart, in short order or could go (far less likely) below 17 for all I know–anything can happen. More likely it looks as if it falls back to one of the mini-consolidations at around 27 or 26, to a bit above 25 where there’s been a bunch of stuff, or maybe 22-23. In view of the world situation and the overall 2000 or 2002 on and 2016 on trends, I would guess that it doesn’t fall back more than to around 25-27. However I stopped spending much time doing detailed TA on this sort of thing years ago so I just eyeball it. I will just hold on to the PM stocks. If I see disconcerting bad news or a bad chart (way overbought or ugly-bad) on a given holding, I’ll probably lighten up, and if I see something I like I’ll buy.
But I don’t like the chart and do not find it reassuring. It makes me nervous.
Suggestion
You may move The Reserve Currency on side bar under/combine with Monetary History.
https://goldtadise.com/?p=418453
OK Thanks Bikoo