Sir Patrick

Your chart can be interpreted a different way with with Classic Chartology.

I see a potential Half way Pennant working on its 6th reversal.

I see it potentially breaking out and starting a new impulse leg

Note the 6 point pattern has 2 symmetrical “failures”

Where the reversals don’t quite make it to either line. noted by black circles

The fact there are 2 ( one upper and one lower) reinforces this pattern’s validity.

This is a nuance often seen in Rambus Charts.

The Chart can also be interpreted as a potential H and S Botton and a Cup and handle

All bullish …Yikes

So…I see the bull move still dominant.

Hope you are right and the pattern breaks down.

Fundamentally

When the Yen is strengthening vs the dollar its risk off ( DOWN on THIS CHART)..and Gold benefits but when it is dropping vs the dollar ( UP on THIS CHART) its risk on…and the stock markets tend to benefit.

Big players Borrow ( Sell) Yen and buy Risk assets. The Yen carry trade.

Maybe we are in a risk on phase …maybe there’s a trade deal looming and that is being priced in.

If you are a Goldophile it is concerning that stock markets are breaking OUT .

Rambus just posted a ton of charts clearly showing this.