gold, page-2779

interesting fact based discussion this morning - nice to see

imo avgjoe is making the common mistake of treating PMs as commodities rather than currency - gold/silver have a different cycle to base metals because they primarily trade as a 'currency'

as for the charts - I have the support rising low for gold at around 1220 in this roughly 30 degree uptrending channel - i expect USD to go back to usdjpy 1.14 and that to take USD gold down to 1220 to fill the gap

the selloff in gold and silver is technical double top sell off- easily seen if you look at a weekly chart

the gold stock action suggests to me further weakness with some sucker bait mild upticks ather than full blown bidding if market though 1245 would mark the low

as for skols continuing disjointed narrative - id just like the guy to learn how to do some charting. the one chart trend that actually supports his thesis is on the 20 yr chart this could be a headfake prior to a major breakout.

technically US markets look very suspect into early June. I suspect gold will sell off to a degree if markets go down as USD will catch a safehaven /Tbill buyer bid - and havign had a lengthy run up gold assets will no longer be negatively correlated to the equity market as they were when no oen owned them

now instos required to be fully invested will own gold/equity exposure and will flush to cover holes

but given how weak US economy looks Id be very surprised if the selloff is enough to take gold back into the old sub 1180 downtrend - too many buyers globally will be seeing a US equity blowup as further driver of further loosening of monetary policy by japan, europe and uk

imo too early to get back into gold equities but the uptrend will stay in place

my 2c