GOLD breakout.

Heading into the debt ceiling disaster and fiscal drama, the treasury almost out of cash, the stock market at all time highs, and more military and at home spending (ironically) there will be plenty of momentum to move gold up. I do NOT believe the market is headed for a crash at this moment but a nice correction should propel gold up. Add to that the technicals here and we're looking pretty good. Consolidation about to break a major downtrend resistence, a 100 dma about to cross the 200 dma, and a reverse head and shoulders to boot. This is going to be a pass or fail event for the short to medium term. Either way will be longer term bullish on gold; any severe breakdown would be an excellent time to begin to aggressively accumulate.

Comment:

PLEASE NOTE: I AM NOT A PROFESSIONAL AND I THINK TECHNICAL ANALYSIS IS QUITE USELESS. I JUST LIKE TO POST FANCY CHARTS AND SOUND LIKE I'M SO COOL BECAUSE THAT'S WHAT YOU HAVE TO DO TO BE RELEVANT WITH THE INTERNET RETAIL INVESTOR TURNED PRO TECHNICIAN BUBBLE.

Comment:

Just revisiting some old ideas. Today Gold currently trades at $1,704 and has had quite the rally. After my chart above was made gold traded sideways some more and then broke through. When I was looking back on this chart though I noted another inverse head and shoulders just prior to the actual breakout mid 2019 with a neck line at $1,335. This could mean that a pull back in gold may re-test this line. While I consider it improbable, it CERTAINLY is possible.

Trade with caution.