Loading ...Why Nov. 30th Bottom For Gold Should Hold
On Wednesday I posted that the Nov. 30th bottom for Gold and Silver was the bottom. After reviewing the charts, I am even more convinced that is the case. The two charts below show the amazing fact that technically, Gold was actually more oversold on some of the technicals at the Nov. 30th bottom than the March bottom, in the midst of the panic selloff in everything. The fact that Gold again kissed the 50 wk mvg avg. and got just below the 200 day, and was so oversold on the technicals, leaves me to believe it bottomed on Nov. 30th. The fact that Silver didn’t get to its mvg avgs. and wasn’t as oversold as Gold, does put forward the question that maybe the coming rally will take longer to develop and be a start and stop affair. Even if that is the case it shouldn’t take away from the fact that Nov. 30th was the bottom. 
Sir Chartsmaster,
Where do you stand on your call for a Nasdaq top?
I requested you earlier also, in a reply to a different thread, to share what went wrong with your Nasdaq top call. May be you overlooked it.
GL
I responded to your question later that day when I saw it. My mistake was not realizing the top wouldn’t take place before year end. Once momentum takes hold to such an extreme there is no reason to sell until the year ends. Portfolio managers want to show best profitable returns and individuals don’t want to pay taxes until the following tax year. The top will be around year end.