Loading ...Then, as suggested last August, I will “Back up the Truck”…
BALLINGER ON GOLD MARCH TOOTH 2019
With the gold price now down below $1,300 per ounce, you will recall that it took the entire month of January replete with Fed policy reversals, dovish fireside chats, a declining USD and rising Dr. Copper to FINALLY punch out through the magically-fortified $1,300 resistance level. It then took 27 more days to get to the ominous $1,350-1,375 resistance zone where it churned for one day – ONE DAY. Amazingly and by contrast, it has taken seven – SEVEN (!) – trading sessions to drop form $1,349.80 to the current $1,294.50 thus obliterating that beautiful uptrend line from November and shattering all bullish sentiment with the finality of a Joe Frasier left hook. RSI is now at 41 and MACD and the Histograms are all in “crash mode” so I am now looking for an entry level for the same leveraged vehicles (GLD calls, JNUG, NUGT, June Gold futures) that I jettisoned $50/ounce and twelve days ago. Keep your eye on your email inbox for the Goldman Sachs “note to clients) that says they are reversing forecast to a $1,050 2019 gold price. Then, as suggested last August, I will “Back up the Truck”…
