• 745 days Will The ECB Continue To Hike Rates?
  • 745 days Forbes: Aramco Remains Largest Company In The Middle East
  • 747 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,147 days Could Crypto Overtake Traditional Investment?
  • 1,152 days Americans Still Quitting Jobs At Record Pace
  • 1,154 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,157 days Is The Dollar Too Strong?
  • 1,157 days Big Tech Disappoints Investors on Earnings Calls
  • 1,158 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,160 days China Is Quietly Trying To Distance Itself From Russia
  • 1,160 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,164 days Crypto Investors Won Big In 2021
  • 1,164 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,165 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,167 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,168 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,171 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,172 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,172 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,174 days Are NFTs About To Take Over Gaming?
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

  1. Home
  2. Markets
  3. Other

Gold at a Crossroads

At the moment gold is at a critical crossroads. If it can move above $1375 it will confirm that an intermediate degree bottom occurred last month at $1251, and start a pattern of higher highs. If however gold continues lower and breaks below the $1251 level it will confirm that an intermediate degree decline is still in progress and the recent bounce was nothing more than another bull trap to work off the short-term oversold levels.

Spot Gold Daily Chart

Actually, based on my cycles analysis, I think we can even narrow the band a little tighter. If gold can move above the October 28 high at $1361 over the next several days it would confirm that this daily cycle has become right translated and complete a new pattern of higher highs and higher lows.

If however gold moves below Friday's half cycle low of $1305 it would confirm that the daily cycle has topped in a left translated manner and the odds would then be very high that the October low at $1251 is going to be broken over the next 2-3 weeks.

Spot Gold Daily Chart 2

Until one of these lines in the sand get broken, there is just no compelling reason to place a directional trade in the precious metals market.

 


More information is available in last night's report.

 

Back to homepage

Leave a comment

Leave a comment