Goldtent TA Paradise

Good thing we’re going up in gold and silver

1. Nautilus says:

   November 7, 2023 - 1:32 pm at 1:32 pm

   Gold could tag its 20 week MA (currently around $1957) in the next week or two before its next move higher. It’s 20 day bollinger bands were stretched incredibly wide, and it was guaranteed to spend at least a few weeks consolidating to give the bands time to narrow up again.

   Gold might even go a bit lower and back test the 200 dma or 50 dma, both around the $1940 level at present.

   It’s a pity that the mining stocks didn’t keep up as much as gold on the initial thrust higher. It’s hard to say where they will be if gold does test its 50 dma. Obviously lower, but by how much?

   I’m still sticking to my mega bull thesis. It is just going to be a bit of a grind, especially the first year off this recent low–lots of back filling. But I believe 6 months from now a clear up trend will be evident.

   • silverboom says:

     November 7, 2023 - 4:45 pm at 4:45 pm

     Thanks for that comeback, Nautilus. We live in a very weird time, and your charting helps the feet stay on the ground.