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Long-term chart 

By: Decomposed in GOLD | Recommend this post (1)
Thu, 02 Jun 22 1:00 PM | 216 view(s)
Boardmark this board | Gold 		Msg. 00015 of 00028
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I'll start here, with gold's 30-year chart. Does it show a pending breakout? I think so. In fact, I'd say it already DID break out, hitting a new high in 2020. But the chart is anything but usual. How could the metal break through NINE YEAR resistance but have such weak momentum that it promptly fell back again? Perhaps due to manipulation. You'll recall that in 2020, a vast sum of money was printed and used to prop up the stock market. Investors who might have otherwise been tempted to put money into gold took advantage of that opportunity instead. In fact, gold repeated its head fake in 2022, topping at the same level it did in 2020. That's a double top. As any technical analyst worth his salt could tell you, double tops are common but triple tops are exceedingly rare - so the next time gold gets into the ~$2050 range, it SHOULD break through substantially, for real.

But that's based on T.A. A technical analyst worth his salt would also tell you that T.A. takes a back seat to fundamentals. It's a good tool, but the fundamentals should always come first. It's something to keep in mind.

With gold, the main fundamental that has to be kept in mind is the outlook for the U.S. economy. Since dollar strength is a proxy for the economy, its outlook inversely correlates to gold's. I'll post more on these topics as well. But not today. I've got some reading to do.




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Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months


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