Gold recently corrected 5 or 6%. Big deal. We could fall much further and the long term picture would still remain very bullish. What’s important is that we don’t drop out of the long term wedge\/triangle. It goes back such a long way that (in my view), it’s really the dominant pattern at the moment. A break upwards, through resistance at about $1280 would put the bulls in the driving seat, with a pretty clear path ahead to some impressive gains. I’m watching the markets closely for hints as to which way it’ll be. Right now, I’m most convinced by the argument for a weakening dollar, topping (then falling) stock market, and multiple other factors which may, once again, light the fire under PM’s (especially the direction of interest rates, and the likely political turmoil ahead). Just worth a quick mention that silver fell much harder due to its historical COT commercial short position. This won’t last and the rise in silver price (in my opinion) will be all the more impressive as a result, outstripping gold by some margin. The miners impressive strength in the last few days portends well for the immediate future (just as their weakness was an early sign of trouble a few weeks ago).<\/p>\n
Hang on everyone, this could be one hell of a ride.<\/p>\n
Gold recently corrected 5 or 6%. Big deal. We could fall much further and the long term picture would still remain very bullish. What’s important is that we don’t drop out of the long term wedge\/triangle. It goes back such … Continue reading ![\"\"](\"https:\/\/goldtadise.com\/wp-content\/uploads\/2017\/05\/Chart165Gold.png\")
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