Loading ...Gold Bearish Patterns
I do have to acknowledge these (very) bearish looking patterns on the gold chart. If GDX closes above $33 on Thursday, the miners will lead gold back to the old highs (in my view). Some caution is prudent in the $1800 region, but, on balance, I expect the power of this bull trend to win the day and ‘carve out’ the pattern I’ve been long favouring (cup completion and possible handle formation). I’ll be watching this very closely in the coming week. We’re likely to have all the answers we need by Thursday/Friday.
Yes, I commented on that ‘Rising Wedge’ pattern last week, when I moved to strong and boring TLT — which has broken above its two-decade channel. 😉
GLD and TLT have been doing a synchronized dance for years. Sometimes they are in synch, and other times swing apart.
You realize when you post these charts everyone in the Deep State is watching them…and quite possibly playing them?
I’m not sure the deep state are interested in my ramblings Silverboom. I’m not even a small cog.