Hello friends - I decided to mix things up a bit this week and present a few charts. So with no further ado: |
| Monthly gold: Buy between 21-month MA (green, dotted) and lower trend line (brown, dotted). Rinse/repeat. |
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| Daily gold: bearish until 144-day MA (pink) can be decisively cleared. |
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| Pesky 40-day EMA from last week couldn't hold again. But it's flattening out. I think the almost 11 month correction is ending. |
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| Weekly gold in euros remains above post 2008 trend line (unlike in $) |
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| The "gold as a safe haven" chart broke down. Very strange that industrial commodities should outperform gold here, since fear of deflation seem to be the driving force in markets. Probably a good buy signal for gold. |
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| But $GOLD:$CCI, a similar chart to the one above, hasn't broken down yet and is right at support. |
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| Daily silver chart. I'm not touching silver until we get some clear signals. |
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| But the weekly silver chart actually looks pretty good to me, from a "feel" perspective. Maybe, as for gold, the 15-month correction from the $50 high is ending. |
2 comments:
I'll just put it out there that, right now, I think gold will make a final (cyclical bear) low (within a secular bull) this fall. November to be precise. This call is based on cycles.
Having said all that, I don't really think of gold as being in a bull market, but, rather, simply behaving the way one would expect it to behave as befits its gradual return to prominence as the store of value par excellence.
I love that Gold/CCI chart! If it does break down the debate of is gold a currency or a commodity will make a come back. If the printing press doesn't fire up soon, I think the chart might breakdown. Many new investors in the PMs are becoming impatient.
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