WEEKEND CHART – Gold
I see traders everywhere panicking. People are acting like they’ve gotten left behind. Nothing could be further from the truth.
While I’m skeptical that gold has made a final intermediate cycle low because it hasn’t dropped far enough to break the intermediate trend line yet, and the dollar should still have another leg up this month, the reality is that gold is only on day 3 of this daily cycle.
If this is a new intermediate cycle it has at least 13-16 weeks left to rally and will easily test $1400. No one has missed anything yet.
In this weekend’s report I will go over what I’m going to look for early next week to tell me if this is a new intermediate cycle, or just a very convincing fake out.