Flaming, nice post, Normally I just see the posts and do not write here.
Anyway, gold is completing a 5 years inverted H&S pattern and also a 2+ years symmetrical triangle pattern apex is a few weeks away at the most . As a fairly ok chartist myself , the implication is gold should rise vertically towards USD 1600/ 1800 over next few months and the main thing to note is the past supports like USD 1415/1485 will not be respected too much, Ofcourse small & quick corrections will come and but I think before mid or end 2019 we would have seen atleast USD 1600+ if not USD 1800 in gold.
the rise will be such , fence sitters and cynics will just gawk as the gold will go up on the slope of disbelief. There is no other way market makers can prevent investor population to make a gradual entry, every Tom knows it is a gold bull market beyond USD 1380+.
So the gold price rise will be done brutally fast, while people still dither , debate and wait for major corrections / pullbacks which will not come. If you look at it , there is no other way this can play for leaving out the majority of investors behind.
Before all that , all weak hands have to go. Now you hear noises about USD 1045. As usual,
One of my close friends is a leading chartist and EW expert , consulting rich investors , he has marked in his notebook USD 1800 by mid /before end 2019.
The mood for a multi year bottom in gold is right, even gold bugs are very shaky and giving up, just like it should happen at such multi year bottoms. Your scenario No 2 is on.
Discl : I am fully invested in PM stocks and keep buying all the time even now. DYOR GLTA
DRM Price at posting:
31.0¢ Sentiment: Hold Disclosure: Held
