Loading ...You guys remember a few days after that low I posted, Huston we have lift off? My guess is today’s lows are a head fake and Gold will be a lot higher by the end of the week. A decent dip if somebody wanted to buy an ounce or two for the coffee can.
Below from May 19 break out post:
“”It’s about time. The situation reminds me of the March 2000 market tops called the dot com bust. All the regular stocks started dropping and gold silver and miners started a nice 12 year climb. Also similar to 2000 the dollar was too high on 120. Little George added tariffs on steel and lumber.””
“”Then came 9/11/01. The 2000 stock market drop took about three years to bottom out. The gold miners were the only things going up. Also the Dollar has finally started dropping these days. As a recession becomes obvious the Fed has built up a few points of dry powder to lower rates and give gold a tailwind above the $1800 lows.””
Chart below you can see the May 19 up-spike day, and I’m sticking to that view as THE bottom for the next leg up. Today is just another May 13th imo.
https://finviz.com/futures_charts.ashx?t=GC&p=d1
Look how high that dopey/dollar is, possibly a double top. Try to imagine how high Gold gas and diesel prices can get if Dopey drops from up here. The Graveyard In The Sky above 100. The high volume day bars may be a clue. Befror you know it, The Fediots will switch from fighting inflation to fighting a recession or crashing shock and real estate market.
https://finviz.com/futures_charts.ashx?t=DX&p=d1