Loading ...Gold FAR above fear levels (as defined by distance from moving average)
Gold’s long term chart is MARVELOUS! It’s still trying to find it’s next volume defined resistance/breakout line. Patience required during discovery process.
YYZ, It’s hard to enter gold at this particular price range… as the fast move up is mostly done and now in whipsaw/discovery mode.
Added thoughts:
No matter where your entry is, consider the need to survive drop to 1 year.. and maybe even 3 year moving average. There will be no great bounty to collect if you cannot hold your position. Sync your position size to the time frame defined trend.
More thoughts:
Gold is now pretty much close to a early 2003 type breakout. Still close to 1 & 3 year MA golden cross (last great entry was around $1450-$1550). IF you get in early… you’ll have less issues holding on when the important correction happens towards 1 year MA… HIGHER UP!
TLT will create Island at open.
Possibly building out a huge cup. The problem is how large will the handle have to be in terms of price and time?
We all know that fundamentally it should blow past $2000, but I reckon it will probably consolidate around that level for a 1-1.5 years before it is able to break out.
Gold is strictly a technical game at this point. Barring massive price deflation (which we know will never happen), it’s simply a matter of price and time now (although I am sure goldbugs have been saying this since 1971!).
Thanks for that.
Thag you very buch !!