My last article dates from February 16 when I wrote Gold’s First Dawn?
I think seeing as the market confirmed the break above the downward sloping trend line and we are now trading sideways and have not been below the $1080 level bodes well. Bodes REALLY well.
You see, gold finding support…and re-read that…finding support at $1080 should provide enough of a boost to carry this back up where it belongs and not where it now is, artificially held down. But seeing as GATA released their proverbial private watchdog to keep a watch on any irregular trading or shenanigans I presume the heat at the moment is a little too hot to bear so we will see gold and silver benefiting of this maybe brief period of less manipulated trading?
One can only hope…so for now…enjoy the coming rise which will surely come.
The bankers know it will come, the funds know it, hardened gold nuggets knew it, brokers know it, most investors know it and soon Joe and Jane will know it…but those last two probably only when they will find they are buying gold at $1500.
Just a question of time but I have now more reason to assume $1500 for gold is not at all unrealistic. Doesn’t mean it has to happen this year but happen it will.
Consider $1080 your new bottom and if we get below that then market conditions must have changed. Last time I looked they haven’t.
I follow more markets and countries and let me say, not just in the US you have citizens forking up extra finances, being forced to work longer in hours, days or years to make due, paying for things you don’t agree with, laws being forced down your throat all in the name of whatever it is they are peddling and you need to swallow hook line and sinker!
Let me say again, things are not better despite what they claim in the media. They just create the illusion for you so you will go on spending and continuing the belief that everything is alright while it isn’t.
Sure the job report could show a positive…not very hard considering the millions which have been laid off.
Gee-golly, is this from the same cookbook from which we saw a rise in the economy by said percentage based on nothing more than printed stimulus money….meaning a rise based on debt, printed debt which you again injected into the economy.
No wonder you have financial turmoil 🙂
You got the media and the government trying to convince everyone that everything is hunky dory and that there isn’t a cloud in the sky, you got the big bullion banks working MASSIVE overtime trying to keep the price of gold down cause well…gold is a hedge against…pretty much this kinda situation, some say inflation, some argue deflation, lets just say, if certain people see this rising they pretty much know that the proverbial horse manure has hit the fan.
Not only that, they have to counter not just funds, investment firms, investors, fund managers, business people, gold funds, silver funds, Joe and Jane, they are countering pretty much every other normal bank which are all rolling over to get their hands on real ounces of gold.
So,…something has got to give.
I reckon all they are doing now or rather able to do is making sure they get their hands on enough gold themselves at these now still low gold prices before this slingshot releases its potential energy and hurls us, for a start, back to and above the all time high of $1226.
Here is a chart where you can clearly see where the inverted head and shoulders is starting to show its real form.
Lets see if the market completes this one like the one before which got us up and above $1000.
If this one completes we are looking at a possible gold price of $1390 – $1400.
That is IF! I see it therefor I have to mention it, I would not advise you to act on it. Its in the cards but it is by no means a certainty.
I just think we have again reached a crossroads and my assumption is…only way is up from here. Whether that be an inverted head and shoulders based rise or another…something is coming.
I again could be wrong but my own archives would prove me wrong on being wrong more than being right more so I’ll stick with being right for now,…OK?
Look for the $1140 level and see whether we encounter any resistance. If you see this level breaking easily,…expect a big spike upwards. It will probably go up towards $1150 then over the course of a few days after which we will probably end up making a re-test and trying to find support at this $1140 area before heading back up to try and break the level around $1160.
If we reach $1140 and we are unable to break it I very much doubt this will be another way down to $1080. I suspect the MA’s will have provided support long before that will happen. Especially the 50 MA which has shown earlier support between support and resistance line drops.
Where we are at now is not a moment to invest if you are new to the market. Only hardened traders which are willing and able a gamble should enter in these as of yet still troubled waters.
At the moment there is no current or specific trend in gold…despite the rise. To me, gold is still trading sideways.
This also shows on the ADX chart.
Until we break $1140 that is and we head higher…then the picture will change and the trend will change. If that happens I expect the market to recognize this and will make from this $1140 resistance a support level.
Lets wait and see what the market will deliver.
YeOldGoldNugget is again LONG and a believer in Gold‘s continued success!
Due diligence everyone, don’t take my opinions as trading advice.