Gold Daily Chart
I apologize for all the lines for my gold chart. I usually don't like to post this chart because of the mess but felt it important. Take a look at the RSI below set at the default 14 for the daily. This is another reason why I believe that this is a fake out and that we still could fall until late Feb to March. What you are seeing is called a hidden bearish divergence. RSI is making higher highs as spot gold is making lower highs. Look it up (bearish divergence) for yourselves. Timing this is another story all together. Yes we could make a pop up which can really turn your stomach. And yes this does not have to play out. But divergences are important to consider. And the fact that miners is now past the half way mark for its cycle means that a correction move will begin soon. I held over the last few days placing my bet that this tanks soon. However, if this is a wave 4 then it could get sloppy before the fall. The other thing that I take into consideration is the YEN. The YEN is also in a wave four correction and started that correction on December 15th / 16th the day gold took off. The Yen is IMO more closely correlated to gold than the dollar. At least it has been lately. And I am also wondering if gold might tank after the inauguration. Just like it tanked after Trump won the election. I think this week and beginning of next will show us the way. If I am correct and gold does tank, I believe that this will be the last time we go down. It should be very very bullish for the next 5 years or so after that.
I apologize for all the lines for my gold chart. I usually don't like to post this chart because of the mess but felt it important. Take a look at the RSI below set at the default 14 for the daily. This is another reason why I believe that this is a fake out and that we still could fall until late Feb to March. What you are seeing is called a hidden bearish divergence. RSI is making higher highs as spot gold is making lower highs. Look it up (bearish divergence) for yourselves. Timing this is another story all together. Yes we could make a pop up which can really turn your stomach. And yes this does not have to play out. But divergences are important to consider. And the fact that miners is now past the half way mark for its cycle means that a correction move will begin soon. I held over the last few days placing my bet that this tanks soon. However, if this is a wave 4 then it could get sloppy before the fall. The other thing that I take into consideration is the YEN. The YEN is also in a wave four correction and started that correction on December 15th / 16th the day gold took off. The Yen is IMO more closely correlated to gold than the dollar. At least it has been lately. And I am also wondering if gold might tank after the inauguration. Just like it tanked after Trump won the election. I think this week and beginning of next will show us the way. If I am correct and gold does tank, I believe that this will be the last time we go down. It should be very very bullish for the next 5 years or so after that.
评论:
Here is what I am seeing. Hope Im not wrong