In order to confirm a daily cycle low gold has to rally far enough to break the cycle trend line. That comes in at about $1290. So I wouldn't try to pick a top before then. And if gold rallies that far it would complete a weekly swing, which would be a first confirmation of an intermediate degree bottom.
There is only one way that gold can continue lower: another extreme manipulation event.
I'm of the opinion the manipulation has probably run it's course so i'm not really expecting that as this point.
http://www.macrotrends.net/1329/us-dollar-index-historical-chart
ReplyDeleteabout time to get long DUST again...maybe another day or two.
ReplyDeleteIn order to confirm a daily cycle low gold has to rally far enough to break the cycle trend line. That comes in at about $1290. So I wouldn't try to pick a top before then. And if gold rallies that far it would complete a weekly swing, which would be a first confirmation of an intermediate degree bottom.
ReplyDeleteThere is only one way that gold can continue lower: another extreme manipulation event.
I'm of the opinion the manipulation has probably run it's course so i'm not really expecting that as this point.
http://www.investopedia.com/terms/r/realinterestrate.asp
ReplyDeleteGary I don't know why you keep talking about a manipulation 'event'. The manipulation is the nature of the gold market itself!
ReplyDelete