7-Year High Marks The End for Gold Rally

We keep hearing from long-time goldbug, Peter Schiff, that Gold is about to moon while Bitcoin is going to hit the dirt soon. Out of curiosity, we did an analysis on Gold and the truth is far from the heavenly optimism preached by Peter. The monthly chart shows that Gold is likely trending in a huge corrective wave of a leading diagonal pattern. In fact, the Gold price has already tested its long-term parabolic trendline a few times recently and is barely hanging on to it. More importantly, huge selling pressure is forming around the $1800-level which we believe could muster enough resistance to reverse the uptrend and mark the end of Gold's rally sooner than we think. We will have confirmation of this in just a couple of weeks, if not sooner. During which, there could be another attempt to test the $1800 resistance but one thing is for sure though... if Bitcoin is going to hit the dirt soon, so would Gold!