Gold Futures Monthly Chart (MN)
A common concept of all the delusional foolish gold bugs is that gold is a long term bull market. Well, this ain't true at all. All I can see is an inflated bubble that burst. The monthly chart that I presented to you above covers the last 10 years of data. You can clearly see that gold broke below the orange Kumo Cloud, and after an upside correction, it was unable to break above the cloud again and is currently forming a new bear market Kumo (the blue cloud), which is indicative of a newly forming bear trend. So for the gold bugs - I don't know what do you mean by "long term investing", but in the next 10-20-30 years I see only downside for gold, though with some occasional upside corrections, of course. Unlike you, I can't wait a lifetime to see if my trade works or not, life's too short to waste it in retarded philosophies, invented by a bunch of gold brokers-gurus, who are trying to sell you butterflies and fairy tales.
I see the next stop in gold around the 200MA, which is around $900/ounce. I do believe it will be broken and gold will continue down towards $600 (and why not $400), though there will be some fight there and it won't come easy.
Now to zoom a bit further, let's take a look at the weekly chart. The beauty of technical analysis is that you can actually support your thesis with facts, not imaginary "currency wars" and "end-of-the-world" fairy tales about unicorns.
Gold Weekly Chart (W1)
Gold looks like a failed rally from the lows around 1030s; the last few candles are big red candles, which means only one: the rally (if we can call it that way) is over! To be more specific: that's a correction in a bear market, I can hardly call 300pts move over a whole year period, a "rally". I'm sorry, gold bugs, but I see absolutely nothing positive in gold's price action, you're being fooled badly by a bunch of retarded gold brokers, who make loads of money from your commissions and your stupidity. All those gold brokers, who try their best to convince you that gold is actually in a bull market (here follows laughter from the public), remind me of those bankers pre-07, who were selling rubbish subprime MBS, knowing that they're selling junk, but were still doing it, because they got greedy to get more and more commissions, regardless of the fatal consequences for the whole world, not just for their clients.
On a positive note, a weekly candle close above 1340 would open the door for more upside correction towards 1500s, though I see it as highly unlikely, given the recent price action development.
Good luck to all, bugs or schmugs, stay smart.
Petko Bankoff
No comments:
Post a Comment