Latest from Gary on X. On the same page as John Howell. Rashad is on his own pushing for a quick bounce back.
One of two things needs to happen with metals. Either a sharp move back down to correct 38-50% of the recent rally, or multiple weeks churning sideways. One way or the other we need to cool off sentiment in the metals sector to build the fuel for the next leg up. That can be accomplished by fear or frustration.
The last correction unfolded as an 11 week churn that frustrated gold bugs to the point of tears. That built the fuel for a blistering 18 week rally and tacked on 570 points. We could have something similar, or gold could produce a sharp & quick pullback to the $2450 zone.
Personally I'm pulling for the pullback scenario. It would be over much quicker and the profit potential would be greater from a lower starting point. We should know which it's going to be within 2 weeks. If it's going to be the sharp pullback then gold will be testing 2600 within two weeks. If it's still churning around $2700 then get comfortable it's probably going to turn into a 10-14 week mind numbing churn.
