Another pit stop sub $2 certainly broke the timing of this and was unexpected to say the least, but the chart still forecasts the likelihood of the gold cross occurring, as now the 200-day will be much easier to bend upwards as the back drops off.
I incorrectly called a bullish reversal off the Sept 2015 low of $1.47 but we see it would take a second test, at $1.41 last month first.
PS- You could have bought Apr $3 calls 2 weeks ago for $0.02. I know because I watched my $0.10 position drop all the way down! I remember someone bought a few thousand $2.50s just last week or two, wish it was me.
4th visit to $24.50 on the 1yr. I notice when overlaying GLD, at $24.50 there is a convergence on the 1yr. We haven't seen GLD outperform UUP since gold's big slide from March 2013.
Recall, this is the time period where a rumor was floated that Cypriot gold holdings could be used or seized to pay their unpayable debt, while their people for days and days could not access their accounts that had been automatically debited of funds already to the bond holders.
Gold suddenly began a great decline from the $1400s and trash talked by most of Wall Street. I always imagined it was a broad effort to deflate sovereign balance sheets even further, attacking gold verbally and with the markets, to further stress Eurozone cooperation or to accelerate the process.
My point is that for the $24.50 to fall, technically this is a noteworthy moment for gold and the USD, but also fundamentally it speaks to ending the era of trashing gold in favor of debt, emerging markets, and printing presses.
Watching it test the 1200 as I type.
Schiff just posted a piece about negative rates, pounding the table for gold. Unimaginable. If Yellen even whispers anything about it we'll be doing well.
$2.39... it's like the Road Runner cartoons, where the coyote is on the rock ledge that already broke but it didn't fall yet
Expecting a bounce off the 200-day. "Violation" of the 200-day is quite an understatement in today's trading! Look for the bounce as confirmation of the new range, and upper bound test for later in the week
How is AUY gross profit looking at $1200 gold let alone asset valuation
Then we are at the top and time to sell, right here, right now.
But I believe the fundamentals at play here will prove, eventually, that a bullish reversal occurred in the Q4 2015.
That's a big 10-4. I watched GS do it to NOK, beat them down with a strong sell at $2. That was the same quarter they doubled their holdings to 120M shares. By Q4 that year, they exited for a 100% gain after the MSFT deal was announced.