• 761 days Will The ECB Continue To Hike Rates?
  • 762 days Forbes: Aramco Remains Largest Company In The Middle East
  • 763 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,163 days Could Crypto Overtake Traditional Investment?
  • 1,168 days Americans Still Quitting Jobs At Record Pace
  • 1,170 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,173 days Is The Dollar Too Strong?
  • 1,173 days Big Tech Disappoints Investors on Earnings Calls
  • 1,174 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,176 days China Is Quietly Trying To Distance Itself From Russia
  • 1,176 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,180 days Crypto Investors Won Big In 2021
  • 1,180 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,181 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,183 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,184 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,187 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,188 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,188 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,190 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…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

  1. Home
  2. Markets
  3. Other

Golden Opportunity or Gold-Plated Trap?

Gold broke out of a small pennant formation on the daily chart last week and gained $18.80/oz. to close the week at $1,112.90. On the weekly chart gold printed an engulfing bullish candlestick. The breakout above 1,100 is bullish but the real test will be a breakout above 1,140. For now, the daily Coppock Curve is rising and has a ways to go before it will signal a top in gold. Cycles point to an important low during July and a rally for all of August. Seasonally, August is very bullish for gold.

Don't forget that gold moves inversely to the Dollar and I still expect one more rally to a new high by DXY. A triangle forecasts a minimum decline in gold to $1,000 and a 4 year cycle low is not due until the first half of 2016 keeping the long-term outlook bearish.

100oz Gold Composite Continuous
Larger Image

 


Get a FREE copy of the Hybrid Lindsay year-to-date performance review at SeattleTA.

 

Back to homepage

Leave a comment

Leave a comment