The large bull Pennant consolidation pattern in gold that has been building out for almost 4 months from mid-April is now approaching completion as we can see on its 6-month chart...
Your December gold chart: higher low and pullback. The market is giving you the opportunity to abandon long positions and come back in at better pricing.
The People’s Bank of China increased its gold reserve in July, marking nine straight months of purchases that are helping it diversify its holdings away from US dollars.
Thanks to golds, metals and materials the TSX once again made all-time highs but nobody else did. At least not as yet but since that big reversal day on July 31 markets spent the past week trying to bounce back. Are more new highs coming despite the deteriorating background?
Yet just as Gold remains undervalued relative to its most foundational metric of Dollar debasement, so does the S&P 500 remain overvalued (understatement) to its most foundational metric of earnings.
