Gold has been holding up extremely well through this entire corrective process. It has been mostly a sideways churn. Gold is setting up for a breakout above this 2090 area.
When stocks bottom, when the bonds turn, and when the dollar tops, then gold will be done with this difficult sideways churning phase. I suspect the rally will be violent; it will come up quickly in the first daily cycle, test the all-time highs at 2090, and we're going to get a sustained breakout above 2090.
This is not the beginning of something really bad in the metals. We are in the ending stage, the last few days of this difficult sideways corrective period that we've been in since May.
Gold may break a downward pivot at 1900. Ignore that. We are in the last few days of this correction. It doesn't matter where the bottom comes. What matters is what comes after, and what comes after is going to be the breakout phase that takes gold finally above this 2090, and we're going to be on our way on the next leg of the bull market.
Think logically. Don't give in to emotions. Most people panic and sell at an intermediate bottom. That's not what you should do. You should be buying.
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