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Here GOLD (weekly).
On the bullish site, price above important W-EMA(30). Let’s see how the weeks closes and moreover the week after.
On the bearish site, price BROKE-DOWN from the 7 year BEAR FLAG (RED FORK) during July/august-22 while NOW in progress of Back-Testing (BT-ing) the BEAR FLAG from BELOW and should be seen as a bearish Omen where wMA-50 @ 1,806 is also to be found. Need to know that 1,802/3-area has RES for $GOLD on the dMA(200) and dMA(300).
Site note: GDX still below approx. 30 which matches both $GOLD & GDX in BT-modus. NOT BULLISH IMO!
Agree with your take, but its not cut and dried.
Near term, we’re OB and due for intermediate correction beginning in next several weeks.
Then higher again after that correction.
That’s likely when trouble resurfaces, by 23Q2 if not a bit sooner.
My guess is that progress on cutting inflation expectations stalls.
agree with the time frame