Good Friday afternoon my Steemian Friends.
What an interesting yearly chart if you'll look at where we are (7500) look at the upper Bollinger Band (top blue line of resistance) and please look back at what transpires when you go a few days above that line. You will almost always pull back toward the twenty day moving average (red line), sometimes slightly and sometimes more severe. Even on the way to 19000 you can see it. Does that mean you sell here? Absolutely not (unless you are a nimble trader). Remember this former 'too nimble trader at times" said BUY at 5850 and I would have been gone a before 7000 do to quite negative SENTIMENT. Just DO NOT BUY HERE. Sentiment is good enough to support sideways action with a lttle upward bias because we LIKE the head and shoulders bottom recently. I said repeatedly I like the longer term picture and am pleased I told you pay little attention (or none) to all these experts here waiting for 4000 and 2000; the same people that were bullish at 15,000. This is not an exact science. Just do not be on the wrong side of the market "big time". Each time BTC flirted in the 6's (000), Feb. and April we called the BUY (and a subsequent sell after the big gain). Let's see if we pull back beneath 7000 and get a little better sentiment readings.
And now to gold, up 8.00 to 1230. I sure wish I was as accurate as the BTC timing and the DOW timing!
Frankly longer term nothing has changed. By longer term I'm talking THE big move coming shortly and 2019.
I would encourage you to take a look at www.321gold.com. From there look up RON ROSEN whom I've follolwed for a few years. He is 87 now a going strong. He is legendary for his great long term calls and for many months has been pointing to 1140 gold and in summer 2018 for an explosion upwards to rival the best you've seen over the last ten years. That means 1400 this year and 21.00 silver. It doesn't seem possible! But see the chart below; quite possible.
Starting in the fall of '08 and in less than three years we ascended 1200.00 /oz. That is what Rosen is calling for and shortly. Just today Trump ripped the FED for the higher rates. The top heavy dollar is not going to last long. WE are in a trade war with a country (China) that is loading up on gold and does not want our debt. Russia is doing the same and has unloaded half the US debt is has held! The big money is taking advantage of the price weakness and it is not going to last. Stay the course. We'll see if the 1140 (Rosen) is the bottom! It has not been an easy June and July but we will be rewarded.
The dollar 'top heavy' chart, above.
The Dow at 25070 has rallied off its low just under 25,000 today. With SENTIMENT quite good (lots of bears currently) the market is headed higher. We called BUY at 24,100.
We called the SELL in Jan. at 26,100 just prior to top, and two Buys around the 24,000 level for trades earlier. It's there in previous blogs. We'd stay with this rally until I see a shift in Sentiment. I'd rather be early as I do not at all like what is coming later this year!
Please have a great weekend and thanks for your support!
Please do your own due diligence. The opinions here are mine.
UPVOTE,FOLLOW and RESTEEM