“Asking the gold market for money!”
History says we need to consolidate and shake out some longs … otherwise, the
ride down when it comes is gonna produce “butthurt” all over the place … we’ve
been up strong 5 weeks in a row ...the last time we had 6 up weeks in row was
late summer 2011, on our way to the September 2011 all time high just above
$1900 … do you remember what happened after that? … and it wasn’t pretty
either.
A lot has changed since then, almost none of it better … sure, we could go
rocketing higher from here, especially if central bankers get dumber than they
already are and plow us right into negative interest rates, but gold is getting ahead
of itself here and is assuming an awful lot before anything has even happened yet.
Let’s just hope Asia can stay relatively quiet.
Directly below, this weeks 20 Day Range MA charts.
click on any chart to enlarge
As you can see, daily ranges are expanding in gold faster than ranges in the New
York session … quite frankly this is never good, meaning New York is the
manipulative laggard.
Onto the week … until tomorrow mi amigos … Onward & Upward!!
Have a great rest of your weekend everybody!
-vegas
No comments:
Post a Comment