Looking at the gold chart it appears gold
has been on a pre determined course.
By following the chart it looks as if the POG
Is headed for a higher high around $1320
Before heading down again.
A few things destroy the confidence.
One is that to hit a higher high would require
Breaking through the long term down trendline.
That would be a major move.
Another is that the POG usually heads down
Leading to a rate hike.
Could be that the POG breaks the long term trendline.
After a no rate hike announcement ???
Another is that if the above was to occur.
How could Vaneck and the shorters got it so wrong.
Difficult play for sure.
Not helped by the fact that a lot of overseas goldies
Headed down after Fridays jump in the POG
Even when the overall market headed up.
Cheers
BDR Price at posting:
20.5¢ Sentiment: Hold Disclosure: Held
