• 303 days Will The ECB Continue To Hike Rates?
  • 303 days Forbes: Aramco Remains Largest Company In The Middle East
  • 305 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 705 days Could Crypto Overtake Traditional Investment?
  • 710 days Americans Still Quitting Jobs At Record Pace
  • 712 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 715 days Is The Dollar Too Strong?
  • 715 days Big Tech Disappoints Investors on Earnings Calls
  • 716 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 718 days China Is Quietly Trying To Distance Itself From Russia
  • 718 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 722 days Crypto Investors Won Big In 2021
  • 722 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 723 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 725 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 726 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 729 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 730 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 730 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 732 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Whats Up With Gold?

Gold finished the Micro degree wave 1 up within an extending Minuette v up on May 12th at $730.40. The correction since is a Submicro degree zigzag {a}-down, {b}-up, {c}-down, with all waves looking complete. Gold is rallying into its Micro 3 up of v. An alternate labeling is we just completed minor wave a down, and b up is close to topping at Friday's 616 level. Next would be a final wave c down to wave intermediate 2 down. Unless Gold drops below $450, the top wave count labeling holds up. Where it breaks down is if the correction underway drops below the Minor degree wave 3 top from December 2004.

In that case, the labeling would change to consider the May 12th top as the top of Intermediate degree wave 1 that started back in August of 1999, and the correction underway as Intermediate 2 down, a large degree correction. We do not see that happening in this monetary inflating environment.

The HUI Amex Gold Bugs Index continued its winning ways, rising another 8.64 points, or 2.6 percent, to 337.18. Volume was strong at 117 percent of its 10 day average with all issues advancing. Both key trend-finder indicators remain on "buy" signals Friday. The HUI 30 day Stochastic Fast comes in at 94.44, far above the Slow at 32.72, and remains on its "buy" signal from June 23rd. The HUI Purchasing Power Indicator rose to a new rally high of 192.11, remaining on its "buy" from June 15th. Since our proprietary HUI Purchasing Power Indicator triggered a "buy" on June 15th, the HUI has risen 13.3 percent.

The HUI Amex Gold Bugs Index appears to have finished an a-down, b-up, c-down Intermediate degree wave 2 correction of the recent wave 1 run-up. Or alternately, the first and second sub-waves, Minuette i-down and ii-up of c-down have completed. Because we just got new "buy" signals, we believe c of 2 down finished on June 13th at 270.54, and Intermediate 3 up has started. There is a Bear Flag pattern with a downside target of 230ish, which would come into play with the alternate labeling.

"And Jesus said to Him, "And whatever you ask in My name,
that will I do, that the Father may be glorified in the Son.
If you ask Me anything in My name, I will do it."

John 14:9, 13, 14

To receive a Free 30 day Trial Subscription, simply go to www.technicalindicatorindex.com and click on the "Free 30 Day Subscription" button at the upper right of the Home Page. Once subscribed, you will have access to our remarkable buy/sell signals on the blue chip Dow Industrials and S&P 500, NASDAQ 100, and HUI Amex Gold Bugs Index. A subscription also gains you access to our daily Market Analysis Newsletters, Traders Corner, Guest Articles, and our Archives. We now offer Multiple Payment Options at the Renew Today! button at www.technicalindicatorindex.com. Check out our July Specials!

The Da Vinci Code: A Quest for Answers is available at www.davinciquest.org.

 

Back to homepage

Leave a comment

Leave a comment