As scary as Silver’s hellacious dive over the last three weeks has seemed, I’m not yet ready to throw in the towel on bullion. For in fact, a corresponding chart for June Gold leaves room to infer that its fall, however unsettling, is merely corrective. Strictly speaking, and from a disinterested technical point of view, gold’s plunge has not significantly diminished the odds of its reaching the 1464.90 bull-market target we’ve been using for some time. To be sure, the burden of proof will remain with bulls until such time as they push the Junes above a drum-rolled midpoint Hidden Pivot resistance at 1297.40 where they stalled very precisely on April 17. We should avoid idle speculation in the meantime, particularly on the unprovable notion that gold’s price is fated to fall below $1000.
Gold’s Chart Makes Silver’s Look Less Grim
- May 5, 2017, 5:53 am
Both SI and GC are in a Dmark 13 count down buy setup, each have created a ‘buy spike’ towards the larger degree.
Inverse markets such as these are moving towards ‘key breakout’ levels to the larger degree in value. This suggest new all time highs once these levels are printed.
In SI 1st pre break out 18.510 close weekly, 20.347 begins a yearly trend change ‘that’s in years’ not months.
In GC 1st pre break out levels are complete and the trend is upward to the larger degree, the yearly is 1320.6 closely weekly level to confirm new all time highs and better.
Both are a ‘buy with both hands’, load the truck.
The currency shift is now confirmed with last month’s closing level in DX, all inverse markets in currency are in play to the larger degree towards new all time highs.
🙂