$GOLD $GC_F - Back In The Zone Consolidation
After putting-in a solid month of June, whereby Gold- GC_F finally went topside of the previously noted all important $1375 - $1400 zone that had acted as significant resistance for the past six (6) years, the yellow-metal now finds itself in pullback mode consolidating (which should be expected and healthy) the recent thrust into higher ground as well as back into 'The Zone' ($1375-$1400) as we can observe from the Monthly chart above.
While debate rages from both the Bull and Bear camps as to whether the recent action constitutes the beginnings of a new bull leg or, merely a 'Fake-out', which will ultimately be sold lower and deliver disappointment yet once again to those whom have been patiently awaiting Gold's awakening from its long slumber, we'll continue to defer to the final and ultimate arbiter, which is Price.
Nonetheless, when observing the action from a technical perspective, Gold continues to display favorable technical characteristics across the Daily; Weekly and Monthly time-frames, which bodes well from our perch.
Additionally, while Gold may require some backing-and-filling and further consolidation in order to 'work-off' as well as digest the recent thrust, we suspect that such development would merely be building cause/energy for its next meaningful advance moving forward from and intermediate and long-term perspective.
Thus, while both investors/traders may be focused on the short-term 'wiggles and jiggles', we think that it's of more importance to focus on the 'Big Picture' of what may be taking place and that is, the beginnings of Phase III of Gold's secular bull that began in the early 2000's with a potential measured move that finds Gold trading into the $1700-$1750 range down the road as and initial objective.
While debate rages from both the Bull and Bear camps as to whether the recent action constitutes the beginnings of a new bull leg or, merely a 'Fake-out', which will ultimately be sold lower and deliver disappointment yet once again to those whom have been patiently awaiting Gold's awakening from its long slumber, we'll continue to defer to the final and ultimate arbiter, which is Price.
Nonetheless, when observing the action from a technical perspective, Gold continues to display favorable technical characteristics across the Daily; Weekly and Monthly time-frames, which bodes well from our perch.
Additionally, while Gold may require some backing-and-filling and further consolidation in order to 'work-off' as well as digest the recent thrust, we suspect that such development would merely be building cause/energy for its next meaningful advance moving forward from and intermediate and long-term perspective.
Thus, while both investors/traders may be focused on the short-term 'wiggles and jiggles', we think that it's of more importance to focus on the 'Big Picture' of what may be taking place and that is, the beginnings of Phase III of Gold's secular bull that began in the early 2000's with a potential measured move that finds Gold trading into the $1700-$1750 range down the road as and initial objective.
Trade closed: stop reached:
New highs in $GC1!. The flight to safety theme will continue and Gold and Silver will be the primary beneficiaries.
Good luck to all!
Good luck to all!
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We are not financial advisors. Always conduct your own research and read our full disclaimer at insiderfinancial.com/disclaimer/