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As of right now, the HUI is back inside the weekly Ichimoku cloud. I would like to see a weekly close inside the cloud.
I have pointed out that it is very uncommon for price to penetrate a flat cloud border when approaching from below or above, as it did last week in the HUI. If price does penetrate such a border, it is typically a headfake and is generally quickly reversed.
Gold is in the same boat regarding its weekly cloud. A close above 1770 by Friday would be amazing and would validate just how strong cloud support typically is. That being said, it’s obviously not a 100% guaranteed technical indicator, and the PMs have a way of violating technical rules more than anything I have seen (maybe currencies are worse).
Nautilus, great timing, I was just getting ready to post some comments on XAU and HUI. Not sure I understood whether you are reading this development as bullish or just a bounce? I was going to post that as of right now both are actually up for the week. If I am correct about Powell and the metals explode this afternoon, they will likely follow through tomorrow as well. Extremely bullish, this should be the bottom.
I think it’s possible gold bottoms this week, absolutely. However, I think silver could possibly negatively diverge a bit from gold, as it is still extended pretty far above its 50 and 100 WMAs.
But who the hell knows. Absolutely nothing will shock me at this point. Up or down, and any magnitude.
Agree…Who Knows ?
At this point its a crap shoot and the Hopium is losing people money !
Sidelines until a real impulse move is confirmed.
This is a death by a thousand cuts at this point IMHO
Gold stocks appear to showing some relative strength today with gold now in the 1600’s, time will tell if they follow suit and break down to new lows. No predictions, will let the price action show us.