• 777 days Will The ECB Continue To Hike Rates?
  • 777 days Forbes: Aramco Remains Largest Company In The Middle East
  • 779 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,179 days Could Crypto Overtake Traditional Investment?
  • 1,184 days Americans Still Quitting Jobs At Record Pace
  • 1,186 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,189 days Is The Dollar Too Strong?
  • 1,189 days Big Tech Disappoints Investors on Earnings Calls
  • 1,190 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,192 days China Is Quietly Trying To Distance Itself From Russia
  • 1,192 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,196 days Crypto Investors Won Big In 2021
  • 1,196 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,197 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,199 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,200 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,203 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,204 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,204 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,206 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…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

  1. Home
  2. Markets
  3. Other

Gold: Bull Trap

For most of December, gold has acted as if it is forming a base from which to rally but gold had a rough week last week losing $16.90/oz. and closed at 1,060.30. In addition, gold printed an engulfing bearish candlestick on the weekly chart. Cycles point to a low this week which could be followed by the kind of rally we would all like to catch but be careful; a 4 year cycle low is not due until later this year making any rally now a likely bull trap. Given the inverse relationship between gold and the US Dollar it is important to keep an eye on the currency market as well (see last week's comments on the Dollar).

100 pz Gold Composite Continuous Chart
Larger Image

 


Try a "sneak-peek" (trial subscription) at Seattle Technical Advisors.com

 

Back to homepage

Leave a comment

Leave a comment