Gold. The 6 year view.
Gold is the tortoise. Plenty of challenges from Bitcoin and central banks, yet it is still valuable. What does the chart say?
Take a long look - Back to 2016 to today. We are actually in a good place and conforming to Fibs. Highest likelihood move is to the upside in 2022 with good movement. But, something could change and we could head down.
Current situation.
- Recent false breakout of our 15+ month wedge
- Gold must leave this wedge during 2022
- We are conforming beautifully to retracement fibs
0.382 at $1680, high likelihood
0.500 at $1558, medium likelihood
0.618 at $1437, low likelihood
Prognosis? Even with competition from Bitcoin, money printing should buoy gold.
You should get another chance to buy at $1680 but a harder retracement just doesn't make narrative sense.
Personally, I'm not buying unless there's an absolute bear market fire sale... at/below the 0.786 Fib at $ 1043-1263.
Take a long look - Back to 2016 to today. We are actually in a good place and conforming to Fibs. Highest likelihood move is to the upside in 2022 with good movement. But, something could change and we could head down.
Current situation.
- Recent false breakout of our 15+ month wedge
- Gold must leave this wedge during 2022
- We are conforming beautifully to retracement fibs
0.382 at $1680, high likelihood
0.500 at $1558, medium likelihood
0.618 at $1437, low likelihood
Prognosis? Even with competition from Bitcoin, money printing should buoy gold.
You should get another chance to buy at $1680 but a harder retracement just doesn't make narrative sense.
Personally, I'm not buying unless there's an absolute bear market fire sale... at/below the 0.786 Fib at $ 1043-1263.
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