Gold battling to close above the 18 week moving average. Gold has a lot of congestion above.
Stock markets continue to rise but divergences are growing and margin debt is at another record. Negative patterns are developing. The market needs a rest. Gold continues to rise slowly and could take off..
Obvious attempts to sabotage the rally. Mid may into June, the resistance above will break and unleash a powerful move higher.
Positions as of Tuesday, April 20, 2021
Technical chart updates.
This will not fly, but this did cause the market to correct. Gold challenging the 18 week moving averages, $1,787 area.
Gold's support near $1,750 area.
Gold needs to hold $1,763.50 to keep uptrend. Lots of congestion, resistance around $1,800.
Gold is a currency. It is the ultimate currency… and as this 50 year chart shows, gold’s superiority over fiat is indisputable.
Our wave *ii* correction is complete at the 30.64 low for GDX, and we are starting to rally sharply higher in the initial stages of wave *iii*.
