Loading ...About gold
We can discuss his “rethinking” of the ICL (when, or if, or both) in gold.
As always, I go by what a person writes, rather than who writes it.
Jan 25th
https://twitter.com/garysavage1/status/1750689649742528873
Today Jan 30th
https://twitter.com/garysavage1/status/1752339212438003867
GL
Personally, I’m just watching what gold does. When trend change is clearly evident, then take positions. I’ve been burned too many times trying to be “first in.”
I think gold futures broke the intermediate term downtrend line today, it looks pretty convincingly.
Also, it is possible for intermediate declines to play out as triangle consolidations rather that breaking below previous daily cycle lows. For gold at present, cyclists have been assuming that the january 25th pivot would have to be broken below to satisfy the rules for intermediate declines. That has not happened. Again, its quite possible that gold has been in a triangle consolidation since it peaked on December 4.
Based on today’s action I am guessing he’s leaning towards a bottom?
That being said, of course, tomorrow is the FOMC meeting iirc. So don’t be shocked if we see a big decline post FOMC. If we close back below the intermediate downtrend line, it wouldn’t be a shocker. The real key though will be how we close on Friday, whatever happens between now and then.
I’ll tell you what, I have been cautiously optimistic that the lows in the sector are in, but the decline in the miners over the last month have made me question that optimism, especially with the stock market taking off without miners.
Part of me is beginning to think the miners will never make a higher high than the 2021 peak. The charts are just chaotic messes.