Have a great day, Rob
I am still a believer in the gold and silver market but I finally sold all of my silver in gold due to the potential of a big pullback.Yes I do expect a big rally after the pullback!
Channels, Long Term Trends, Day Trading vs. Positional Trading Equities, Gold... BUY BITCOIN! HODL! That is Finacial Advice!
Have a great day all and don't forget to check out the updates!
With high conviction, I believe that Gold has more downside from here.
Ideally, a 1 to 1 ratio with wave A & C would be needed at the very least in order for me to get involved!
My conviction is strong that precious metals are only beginning their rallies higher, however, we might need to base out first.
Real yields are the main driver of precious metals. Currently, the Fed is transitioning to a dovish stance while inflation is expected to remain above 2% over the coming 6 months, this is extremely positive for Gold.
We are completing the corrective Wave C to complete a triangle for Wave B. Upside target from there is $1,542.
Gold and gold stocks breaking down as expected
65% of crude oil demand is derived from gasoline, with economic conditions weakening we are now switching from supply side issues to potentially demand-side issues. Watch for lower levels of demand for Crude over the coming weeks.
I continue to expect a move down to $14.75 before we continue the uptrend.
Markets are not linear, although I continue to be bullish Gold the risk is that we have one more move lower before the uptrend resumes.
Silver has formed a bearish pin bar setup. There is a bit to be desired in this setup, but I think it does set up an opportunity for price to break lower and retest the 14.80 region. In regards to the pin bar, the real body is sitting a little bit high with a little too much bottom wick. I think it weakens the pattern a bit, but it is a fake out none the less...
Dollar index is testing its lower support channel and could have a strong bounce, which in turn would send precious metals tumbling. Gold miners are looking bearish on the daily chart and I expect a move lower this week. See more videos at www.TheTechnicalTraders.com