GOLD: Tertiary Top May Have Formed; 1390-1400 Next
Hello traders,
I made a bold call several times initially a few weeks ago, and continuing a few days ago, however, it is becoming increasingly likely that my call may indeed pan-out.
Gold always follows 10-12 week cycles with bottoms lasting in the final 3 weeks. This cycle likely threw all the bulls off because it has been exceptionally skewed, elongated and voracious. However, in reality, the overall pattern in Gold's 100+ year history on the market should not change.
Gold has formed an initial, secondary and tertiary top as shown on the idea and it is likely 1671 will be 'the final top' before we head down. Perhaps we re-test this level, but more than likely we don't.
While I won't go out completely and tell people to short from here, if Gold falls below 1600, this will confirm that my entire view-point is correct and that this cycle in Gold is indeed following the typical path.
This is not the time to be long Gold. And yes, this sell-off in Gold will be the same for Silver; equities will follow and sharply sell-off; the US dollar will continue its run up to 105+ (as I stated numerous times). I continue to view the bottom in Gold around 1390-1400 and Silver around 9.5-10 which should come by Mid to Late May.
- zSplit
I made a bold call several times initially a few weeks ago, and continuing a few days ago, however, it is becoming increasingly likely that my call may indeed pan-out.
Gold always follows 10-12 week cycles with bottoms lasting in the final 3 weeks. This cycle likely threw all the bulls off because it has been exceptionally skewed, elongated and voracious. However, in reality, the overall pattern in Gold's 100+ year history on the market should not change.
Gold has formed an initial, secondary and tertiary top as shown on the idea and it is likely 1671 will be 'the final top' before we head down. Perhaps we re-test this level, but more than likely we don't.
While I won't go out completely and tell people to short from here, if Gold falls below 1600, this will confirm that my entire view-point is correct and that this cycle in Gold is indeed following the typical path.
This is not the time to be long Gold. And yes, this sell-off in Gold will be the same for Silver; equities will follow and sharply sell-off; the US dollar will continue its run up to 105+ (as I stated numerous times). I continue to view the bottom in Gold around 1390-1400 and Silver around 9.5-10 which should come by Mid to Late May.
- zSplit
Comment:
Comment:
This idea continues to be valid.
If we see a drop and close below 1600 we can increase confidence even further this idea will pan-out.
If we see a rise and close above 1680 we can confirm this idea is no longer valid.
Either way, people should not be long in the metals right now and wait for a decisive move as I have stated.
- zSplit
If we see a drop and close below 1600 we can increase confidence even further this idea will pan-out.
If we see a rise and close above 1680 we can confirm this idea is no longer valid.
Either way, people should not be long in the metals right now and wait for a decisive move as I have stated.
- zSplit
Comment:
A break below 1640 indicates a safe region to begin loading up on shorts.
A break below 1600 indicates my 'idea' will occur.
Wait for confirmation.
- zSplit
A break below 1600 indicates my 'idea' will occur.
Wait for confirmation.
- zSplit
Order cancelled:
It appears for the first time in Gold's 100+ year cycle, the trend is manipulated therefore this idea is no longer valid.
Please long and short at your own risk.
Please long and short at your own risk.
Comment:
My view-point on Gold and Silver has changed from near-term bearish to near-term bullish as a result of a new EW count as per my analysis on equities. I am indefinitely long-term mega bullish on Gold and Silver, regardless.
As long as equities refrain from selling off (which I see for another month or so) I believe Gold will easily top 1700 and likely push into the mid to upper 1700s over the next 4-6 weeks before sharply correcting with equities either in late May or early June.
While I believe I am still correct that Gold will undergo a sharp correction, it will be pushed about 4-6 weeks in the future, compared to it occurring in the near-term.
Thank you.
PS: This is the last comment for this idea.
As long as equities refrain from selling off (which I see for another month or so) I believe Gold will easily top 1700 and likely push into the mid to upper 1700s over the next 4-6 weeks before sharply correcting with equities either in late May or early June.
While I believe I am still correct that Gold will undergo a sharp correction, it will be pushed about 4-6 weeks in the future, compared to it occurring in the near-term.
Thank you.
PS: This is the last comment for this idea.