Gold broke short-term support at $1065/ounce, confirming another (primary) decline. 13-Week Twiggs Momentum peaks below zero indicate a strong primary down-trend. Target for the decline is $1000/ounce*.
* Target calculation: 1100 – ( 1200 – 1100 ) = 1000
The Gold Bugs Index, representing un-hedged gold stocks, still has to break primary support at 105. But this now appears inevitable.
Colin, re. the “Told you so” …. for me at least, ironically, whenever I do something similar, my “Told you so” soon comes to bite me in such a big way, it can get kind-of traumatic.
But, there is simply no ’cause and effect’ there, so I should really stop relying on those type of things…. I should know better…. random correlation without causation …. but the the incidence of it gives way to so much reliability given the past !!! What to do !!!
Well, maybe you should go and buy Gold now ?…. What you say ?? 🙂
“Well, maybe you should go and buy Gold now ?…. What you say ??”
I’d be more inclined to sell naked call options.
I note previous comments, the ‘exaggerated’ declines in gold over the past year, and the recent “Bear trap” appearances of the break below the 1080 level.
Given above, for insurance therefore, I’m the buyer of those calls :-J ….. at a price. Cheers
“I’m the buyer of those calls :-J ….. at a price.”
Some people never learn 😉
Gold is in a bear market as specified( and am personally delighted as an economist
( death to Bitcoin and gold!) , but just to put it in context , please show a chart of gold in $ and also in one or two of the weak currencies around the world ( I don’t mean the basket case ones) . It may have been fairly stable for some and an out-performer compared to their domestic stock and bond market .