The recent week has been a good week for gold bulls, with gold reaching an all time high of 2150 on Dec 4 2023. It did cause me to have second thoughts whether I should re-visit my count and change my tone to a bullish count.
For the past three tumultuous years, gold bulls and bears have been having a tug-of-war. Whenever gold reached the 2000 price region, it nose dived back to the 1600 price region. Will this time be different as cited by many gold analysts that the bull run for gold has begun ?
I perused through the price actions of different stocks, eg SPX(2011), GS(2020), VRTX (2011), MCD (2015). I noticed that whenever a flat, specifically an expanded flat, occurred, the reverse trend was always swift and steep. Mark Twain once said, "History never repeats itself, but it often does rhyme".
I am still sticking to my guns that the an imminent bear run is about to commence. I would label the recent rise in gold as the 'c' wave of an expanded flat as depicted in my chart, moving the initial price target of 1450 as cited in my previous postings to 1300, with the label Y, as cited in this chart.
For the past three tumultuous years, gold bulls and bears have been having a tug-of-war. Whenever gold reached the 2000 price region, it nose dived back to the 1600 price region. Will this time be different as cited by many gold analysts that the bull run for gold has begun ?
I perused through the price actions of different stocks, eg SPX(2011), GS(2020), VRTX (2011), MCD (2015). I noticed that whenever a flat, specifically an expanded flat, occurred, the reverse trend was always swift and steep. Mark Twain once said, "History never repeats itself, but it often does rhyme".
I am still sticking to my guns that the an imminent bear run is about to commence. I would label the recent rise in gold as the 'c' wave of an expanded flat as depicted in my chart, moving the initial price target of 1450 as cited in my previous postings to 1300, with the label Y, as cited in this chart.
Comment:
US dollar took a dive and Gold rallied when Fed signals a rate cut in 2024 .. This is the headline of the day (Dec 13). Will the bullish cycle of Gold continue from now onwards ?