Loading ...Will someone bullish on Gold (near term) ….
….tell me why this is not an official breakdown of a rising wedge pattern? Also, the next target low range (est. 2,350-2,360) is (roughly) a 50% fib retrace from mid March plateau to ATH, a 38.2% fib from mid Feb low plateau to ATH and 23.6% from the Oct ’23 low to ATH. To me this is not bearish but rather a reason to hold dry powder. Thoughts?
Link to show the rising wedge has broken (without my confusing blue tgt lines).
One is always wise to hold dry powder. I see this chart as bearish justification for those investors who are conditioned to always get slammed after any kind of run up. For 13 years now essentially.. But remember scared money doesn’t make money.
Sentiment is so bad that everything is seen as bearish.
Sirs YYZ and Plunger,
>> Sentiment is so bad that everything is seen as bearish.
Not so.
This guy is my Achilles heel. Had I listened to David Hunter, I’d have made so much money in tech, S&P, Dow etc.
He said it again, today, so beautifully:
“Eric what a bad post. You couldn’t be more wrong.Stock market,metals & the miners are all set-up for big rallies from here as is the bond market.What’s falling are oil & the US dollar. We have such a clear bullish set-up in all these mkts & you put out this very bearish post. Wow.”
Link to tweet:
https://x.com/DaveHcontrarian/status/1831359945046155561
This bull market (broader market) is not over yet.
GL
I agree with Hunter. Higher highs loom ahead
Your chart is confuisng YYZ
seriously what are thise Blue Bars
At first glance they look like candles ..today shows 2400 …
The Price barely budged these last 2 days
Thats not a breakdown in my book
And Barron’s authors live in their own world.
Still talking about soft landing. (My local Safeway has no less than 573 ongoing deals, as per my Safeway app)
Still talking about gold as an emotional metal. LOLOL !!!
https://www.barrons.com/articles/gold-rally-fed-rates-ed83c12e?siteid=yhoof2
GL
The blue bars (not red green candles), were to show the target/scale of a likely re-tracement move from a rising narrowing wedge pattern – when it breaks,(which it has) the bottom of the second blue bar is the target. – still a higher low and would appear to be a huge buying opportunity. The cited fib numbers were simply to show how the bottom of that blue bar correlates to retraces based on lows from 1) the march plateau, 2) the Feb low and 3) the Oct ’23 low. The key point is that even if the pattern does play out the bull thesis is VERY MUCH in tact. The point was not to foreshadow a bearish outcome but rather to show a huge opportunity around the 2400 and slightly lower price level (where technicals converge – again, I’m admittedly below novice). I’d also mention that 2400 is only just over a 6% drop in the gold price, so really – not a stretch.
Gold will hit 2655 before any reversal is ready to take place. We are not quite there yet but its coming soon.
9/6/24 note – Gareth Soloway has a similar short term low price scenario on gold for reasons of his own. A 6-6.5% pullback is not bearish.
16:50 mark
https://www.youtube.com/watch?v=4_i6GSq-yNs