Loading ...My thoughts on Gold
I am thinking that Gold will drift sideways (choppy) to down until we meet the rising 50dma. That could be 3900 when that occurs. A “quick dip below”, back up and this may be the support. This support has held since Oct 2023 when this latest run started. Holding off buying to see how this pans out.
What are your thoughts out there?
Unfortunately 100 day moving average is where the miners seem to be going. A few like BTG have already made it there, likewise CDE and a few others are almost there..
Corrections tend to be ABCs (at least), and after that parabolic, I’m suspecting a correction at high degree (taking time).
So this week’s decline now underway might just be finishing the A leg.
Does that mean B is further down?
B would be the sucker’s rally. Not started yet.
Then C could be a retest of A’s low (well ahead as I have it) as a flat, a basic C=A move (zig zag), or a fib extension of the measured drop we get for A, from B’s top yet to come.
Always tricky to time these periods
It’s a Bull market so keeping a core position that you can live with makes sense to me
Thanks for the input. Keeping my core as it is difficult to time. Never get the bottom and end up chasing to get back in.
I’ve heard predictions of a drop to 3500 for Gold. We are going to discover soon enough.
The other way to look at the mkt is get positioned in a few good miners and only look at them every so often. From Point A to Point B and it does not matter if they gyrate in a bull mkt. Not referring to Elliot wave theory with the A and B.
Just the start and finish.