GOLD: THE PENULTIMATE ACT
Gold is breaking the final frontier of a multi-year pennant. It is now nestled below trendline resistance and the weekly 200MA.
Could this just be a false move?
Unfortunately for the Gold bulls, Gold has to contend with a a very bullish USD. Unless the USD is going to make a move to the downside, I cannot see Gold making ANY serious upside traction.
And my conclusion?
Projecting a MEASURED MOVE - that is, the top of the 2016 range to the low corner of the pennant - the current trendline break takes us to........
$900
Yes. That's right. I'm short Gold until it reaches 900. I believe we're about to see the slaughter of the last die-hard bulls, and for Gold to enter stale long liquidation.
I'm short, and will add on ANY significant rallies below 1280.
But.... I have titled this chart The Penultimate Act. You'll notice I have some green marked on the chart. $900 will be the low to BUY...
Could this just be a false move?
Unfortunately for the Gold bulls, Gold has to contend with a a very bullish USD. Unless the USD is going to make a move to the downside, I cannot see Gold making ANY serious upside traction.
And my conclusion?
Projecting a MEASURED MOVE - that is, the top of the 2016 range to the low corner of the pennant - the current trendline break takes us to........
$900
Yes. That's right. I'm short Gold until it reaches 900. I believe we're about to see the slaughter of the last die-hard bulls, and for Gold to enter stale long liquidation.
I'm short, and will add on ANY significant rallies below 1280.
But.... I have titled this chart The Penultimate Act. You'll notice I have some green marked on the chart. $900 will be the low to BUY...
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