Gold almost hit the first target in the quarterly timeframe here. If it doesn't go back under this quarter's open it may keep rallying. Upside target #1 is not far, 1615.28, but it could go higher until Q2 2021 at least, reaching prices between 2094 and 2714.
The technical pattern that formed while #Gold was under accumulation is called an 'explosion pattern'. This type of trend signal tends to hit targets #2 or #3 at times, so, at the very least it would imply breaking the all time high is possible, before going back down or sideways for a long time again. Note the RgMov proprietary trend analysis indicator is signaling a breakout of all time high values, ahead of price, and acting very strong, this is a good indication of the path of least resistance for #Gold.
I bought back metals and miners yesterday, after the dip slowed down, I intend to let these positions run while the trend remains valid, else I would take on a moderate loss if this quarter's range is erased. Otherwise, prospect is very good in the long run for both #GDXJ and #XAUUSD. #XAGUSD is probably bullish as well, but I was a bit worried by the #XAUXAG ratio lately. Although if the trend in stocks grinds to a halt, the ratio is likely to reverse back down.
Cheers,
Ivan Labrie.
The technical pattern that formed while #Gold was under accumulation is called an 'explosion pattern'. This type of trend signal tends to hit targets #2 or #3 at times, so, at the very least it would imply breaking the all time high is possible, before going back down or sideways for a long time again. Note the RgMov proprietary trend analysis indicator is signaling a breakout of all time high values, ahead of price, and acting very strong, this is a good indication of the path of least resistance for #Gold.
I bought back metals and miners yesterday, after the dip slowed down, I intend to let these positions run while the trend remains valid, else I would take on a moderate loss if this quarter's range is erased. Otherwise, prospect is very good in the long run for both #GDXJ and #XAUUSD. #XAGUSD is probably bullish as well, but I was a bit worried by the #XAUXAG ratio lately. Although if the trend in stocks grinds to a halt, the ratio is likely to reverse back down.
Cheers,
Ivan Labrie.
Comment:
#Gold vs #Stocks ratio looks supportive of weakness in equities relative to metals:
Probably good to hold metals for longer, or even alongside equity positions later on.
Comment:
Gold looks good, our initial entry paid off nicely. Traded some short positions on top as well. Holding here, I'll wait to sell, probably wise to be careful with long exposure in equities, or at least we would need to be extremely selective with stock selection. High yield stocks might pay off, given the low rate enviroment we're in. Main risk is the POTUS election by end of year really.
Gold looks good, our initial entry paid off nicely. Traded some short positions on top as well. Holding here, I'll wait to sell, probably wise to be careful with long exposure in equities, or at least we would need to be extremely selective with stock selection. High yield stocks might pay off, given the low rate enviroment we're in. Main risk is the POTUS election by end of year really.
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