Loading ...Marking $GOLD TOP!
Yesterday marked THE TOP for PM and probably other ‘assets’ as well.
As for $GOLD. The END of a Bull Run since 2016 and observe its’ ending Bull Flag while $GOLD back-tested (BT) the flag from below. Observe two charted FORKS forming the (ending) bull-flag and gives little room and slack going higher. Even though if $GOLD would spike intraday to tag 1870 approx. (RED FORK-BT), formation remains the same; ending! I doubt such spiking as the BLUE-FORK kept price in check while back-tested several times; hence resistance.
Once $GOLD end a week below WEMA(30) @ 1767 bears are on the winning strike. I see this FORK-BT as a last gasp of a weakened bull.
Don’t worry Goldbugs, the bull will return in earnest and with a vengeance but not now. Needless to say . . . we have arrived the TIME frame for THE TURN.
DYODD. IMO.
looks like coin toss territory
Entirely possible, but too soon for me to confirm.
Monthly doji GDX.
GDXD tagging lower monthly bolly.
Daily charts were OB at the close yesterday.
GDX just broke key IT S moments ago.
So yes, all the ingredients are there.
I would say its time to take precautions if long, for sure.
One other tidbit. UVXY has been comatose. But it may have made a higher low today.
Confirmation lacking there as well.
My overall take is that we have a correction finishing. Not a bear starting. Yet.
But the upside that is near is just a pop and will reverse by end of January if not before.
See my version up above Nightgale. What looks like a breakdown below the fork and backtest on your chart may be just a price overshoot on an expanding wedge pattern as highlighted in mine. I am bullish to 1823 on an interim basis but its going much higher in my view.
I understand what you say. Sort of undercut eg. FBO. For such it would need to recover the FORK first. PS I like your just posted chart.
Nevertheless, you are betting GOLD and USD up which is possible but far from common. Last note … all chart are paper-related. As for PHYS … just buy even when AI tries to bury it into the abyss.
Exactly right Nightingale. Its my contention gold and the dollar are both going up together this spring. But its probably going to be at the cost of the market since something is going to break soon. By something I mean the 10 Year Treasury note. I will post a chart above for you to see what I am talking about.
Gold mining Stocks will NOT stand a chance and GO SOUTH. All paper-assets go SOUTH and BESERK ZERO. Implode. Question: will it be all at once or in steps like: BO-DOWN (possibly deep), followed by a BT, and then the final Plunge. Only real assets will hold – things like you can hold in your hand and like GO Hug A tree 😉
So keep your 10 year T-note charts update here please. I do not follow DEBT!