It's just crazy how bullish on Gold every "smart person" that I read is. Many many smart macro analysts and fund managers are long-term bullish Gold.
And yet here we are, technically oversold in a massive shakeout dip. What a gift.
I think Gold downside is very limited here. This is a great entry for a long term bull market.
Excellent breakout volume for this essential chip maker that everyone is fighting to use.
I was not as heavily positioned as I'd like due to volatility in the main indicies. But this (and EWT) have been relatively strong.
Fantastic swing low off the 50 dma.
MACD all reset.
GVZ down to 20 handle.
I see intraday relative strength vs SPY. Hope this sector shakes off its correlation with DXY and SPY and starts moving on its own terms.
SAND LGDTF KL EQX WPM WLBMF
Descending wedge, daily MACD curling up.
Watched Real Vision's interview with Marc Cohodes, and Camping World is one of three of his only long positions. Lays out a great fundamental case.
Starter positions, would add heavily if we reach green square (long term position).
I have markets at an inflection point here. I think significant bear risks remain. Volume was weak on today's bounce vs past days decline.
Under 3377 SPX gets dicey and may accelerate below 3300. Over and bulls have a chance.
I would prefer the bullish scenario (down dollar, boost Gold). But it can go down too (spur the Fed, eventually boost Gold).
Gold will resume its advance when rates begin falling again.
Here you can see the strong correlation over time between Gold and TLT, because Treasury yields are held under the rate of inflation (which itself is heavily understated).
Strong move out of this wedge suggests that we are ready to go.
The economy is a total disaster and the US debt and deficit suggest they will never stop printing (and suppressing bond yields). As rates go toward zero TLT should have some good upside from here.
The equity market may top on this, or it may not (who knows).
After punishing chasers who bought the ATH breakout, could this be ready to continue its long term trend?
I admit, I chased into the breakout. But I am small enough in size not care about a short term drawdown.
A deflationary outcome where the US falls behind the rest of the world (China) is simply not an option. Therefore, the government is handing out money left and right at the moment, and industry is a clear target of that money, starting with vaccines.
Pfizer Gets $1.95 Billion to Produce Coronavirus Vaccine by Year’s End –...
I admit, I'm caught a little flat footed because I was "buying the dip" at higher levels.
But broadly, I see one of my favorite gold royalty companies dipping to the 50ma.
I could have been more patient to pick up these prices, instead of buying earlier dips. But, it is what it is.
There could still be more downside / consolidation, but iMO the slower this...
Today is quite wild with SLV +4%, GLD +1%, but Gold miners generally down and sucking.
I actually remember the same situation happening just before the COVID crash and it seems I can illustrate it with this chart.
It's hard to believe miners can be so weak with Gold so strong above $2000. They have amazing fundamentals here.
But the tape is what it is. I...
The DXY failed to create an inverse head and shoulders pattern.
It is now testing a double bottom here. It could bounce. Or it could fail.
Regardless, with a Gold breakout over 2000 I think the ratio between fiat currencies is becoming irrelevant. If the DXY bounces Gold could test 2000 dollars, but in that case, foreign investors would just buy the dip...