GOLD
My last post about gold was at the start of 2023, bullish, looking for a brake of 2k USD but that didn't happen.
The main point of the last post was looking at the long term trend line starting back at 1973, the buy point was supposed to be $1500 because after every real push up it needed to hit the trend line to get max momentum for a new brake of zones.
1973 - 2003
With 4 trend line confirmations at the beginning then a bull run from $100 to $800 it fell back down for a multi year trend line grind from 1993 to 1996 with a brake down to $230 corelating with the dot come bubble burst starting in 1997 and ending in 2000.
2003 - 2023
This chart is where the trend line really shines. It took 6 years to re test the trend line, testing it 5 times in the term of 1 year.
Before a brake of the top ($800) it had to fall back down to the trend line at the yellow circle to rush to new highs of $1900 in 2011.
After the rush to new highs it took 5 years to hit the trend line and formed a bottom in 2016 at $1000, it rushed up to create a TD 9 on the 1 month and form a top to fall back down and grind on the trend line for multiple years. In 2018 it hit the trend line one last time to rush up to semi new highs at $2100 but consolidated for years.
The last trend touch was 2 ish years before the corona pandemic rushing back to the top with semi new highs but it couldn't budge till this day. The past 3 months proved its not ready yet with the perfect bareish push back down right when the TD9 was hit just like 2016 to 2019, why isn't it ready you ask? because it hast hit the trend line that will give it the momentum it needs to push higher also the so called covid "recession" wasn't really a real recession because so much money was pushed into the market it didn't last or even show in the charts anywhere. A recession takes money out of the market and pushes it into non risk assets but in 2020 everything and i mean everything went up. We need a real recession to get this ball rolling aka WW3, fun times ahead.
Golds buy area
$1500 to $1350
My guess is gold will bottom in December 2023 on the brink of 2024 with a target of $5k once broken.
Metals Basket ETF
The basket of metals consists of (Gold, Silver, Palladium, & Platinum) the top metals in the world. if these make a move the rest of the metal market follows, so its a grate way to see how the metal markets are going by watching the basket and find trends with this instead of just gold or silver or what have you.
This chart is in a downward channel with the RSI also in a down trend, each hit of the RSI line creates a top while simultaneously hitting a very important/strong part of the down channel. With the one exception in the fall of the covid recession, the channel started at the end of 2020 and is still in it. Once the channel brakes its time for a metal bull run and obviously it hasn't done that yet with an obvious top in these past few months. Look forward to under 80, that should make gold at $1500 or under and silver under $15/$10 which are great buy areas.
My last post about gold was at the start of 2023, bullish, looking for a brake of 2k USD but that didn't happen.
The main point of the last post was looking at the long term trend line starting back at 1973, the buy point was supposed to be $1500 because after every real push up it needed to hit the trend line to get max momentum for a new brake of zones.
1973 - 2003
2003 - 2023
Golds buy area
My guess is gold will bottom in December 2023 on the brink of 2024 with a target of $5k once broken.
Metals Basket ETF
The basket of metals consists of (Gold, Silver, Palladium, & Platinum) the top metals in the world. if these make a move the rest of the metal market follows, so its a grate way to see how the metal markets are going by watching the basket and find trends with this instead of just gold or silver or what have you.
This chart is in a downward channel with the RSI also in a down trend, each hit of the RSI line creates a top while simultaneously hitting a very important/strong part of the down channel. With the one exception in the fall of the covid recession, the channel started at the end of 2020 and is still in it. Once the channel brakes its time for a metal bull run and obviously it hasn't done that yet with an obvious top in these past few months. Look forward to under 80, that should make gold at $1500 or under and silver under $15/$10 which are great buy areas.