Loading ...Mother of All Reversals!
Are we about to witness the “Mother of All Reversals”? No, I am not speaking about the stock market. Could this be the blastoff for Gold and Silver, as after the first of my two themes for 2022 has been running since the year kicked off, is the rotation into the precious metals about to begin with a bang? To quote Dr. Frankenstein on the creation of his monster, “It’s Alive”!
Are we about to witness the “Mother of All Reversals”?…Nah, the suppression must continue to bolster the Fed’s BS narrative.
Hopium gives a slight rush, but is soon gone from the bloodstream, like coffee. Coffee, with Chartmaster, extra bold.
Sirs CM, JSK and MJ,
Sir North’s chart serves very well to distinguish hopium from the numerous positives in the GLD chart.
https://goldtadise.com/?p=528012
(i) RSI very strong uptrend since second week of Aug 2021
(ii) RSI double bottom in 3rd week of June 2021 (much higher red volume bar) and second week of Aug 2021 (much weaker red volume bar)
(iii) Williams %R indicator recently bottomed again and trending up
(iv) Slow Stochs crossover again
(v) ULT indicator has lot more upside room
(vi) This week’s (latest smackdowns) test of 1789 low yesterday and 1794 low today seemed to have no effect
(vii) 1825 is the obvious target that must not be achieved. 1814.36 is where it was capped today. 1809/1810 or so yesterday and day before.
What else is missing? Where’s hopium?
Can you show me another chart which has so many bullish/positives?
Hopium is now in AMZN buyers.
Sharing my latest junior PM rotation.
9th buy of VIPRF so far
02/03/2022 15:55:12 Bought 3489 VIPRF @ 0.3122 -1,096.22 6.95 0.00
01/11/2022 15:21:29 Bought 1146 VIPRF @ 0.336 -392.01 6.95 0.00
11/22/2021 14:52:58 Bought 2167 VIPRF @ 0.382 -834.74 6.95 0.00
11/04/2021 15:49:44 Bought 3500 VIPRF @ 0.39 -1,371.95 6.95 0.00
09/10/2021 14:56:17 Bought 3800 VIPRF @ 0.4257 -1,624.80 6.95 0.00
08/23/2021 12:24:55 Bought 500 VIPRF @ 0.4146 -207.30 0.00 0.00
08/23/2021 12:24:55 Bought 700 VIPRF @ 0.4186 -299.97 6.95 0.00
08/11/2021 15:54:09 Bought 3100 VIPRF @ 0.3959 -1,234.19 6.95 0.00
07/23/2021 12:38:47 Bought 1945 VIPRF @ 0.4197 -823.32 6.95 0.00
06/09/2021 12:41:45 Bought 4955 VIPRF @ 0.6199 -3,078.55 6.95 0.00
GL
Right on. But you know GL this chart shows that GOLD is definitely not in a bear market. A bear market has lower highs and lower lows. This chart shows lower highs and higher lows. It is not a bear market chart but a sideways consolidation chart. We are waiting on which way it breaks out. To be in a bear market it would have to morph into lower highs and lower lows. To be in a bull market it would have to change to higher highs and higher lows. These are facts of charting, NOT hopium.
I couldn’t have said it any better, Sir North and your timing is impeccable. I just finished writing a piece that addresses the consolidation and what happens next. Will be posting it Monday morning.