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mikeyjon

1,529 Posts.

539

12/07/24

15:13

Post #: 74728949
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Originally posted by Pointyfigures: ↑

Gold stock sentiment indicator.
AUD and USD gold price targets have been reset.

USD gold chart. New target of $2,703. No resistance unless you consider the previous high.
.

.
AUD gold chart. No target and hitting resistance.
Double bottom in place. Potential rocket fuel once it breaks out.
.

.
Sentiment on the improve but mostly driven by beaten-up juniors crawling out of their respective holes.
Nowhere near potential highs. Just tested neckline of previous H&S.
.

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Approximately 30% of stocks are in an uptrend of which half (15% of total) have target prices.
Another 15% have targets but in falling trends.
.
My opinion - the USD is going to do a dump. The Fed is going to blink.
In the meantime, Aussie gold will attempt to break out.
Still shakeout moves happening - must be reporting season and producers are sitting on piles of cash.
I believe a recession highly likely and inflation refusing to go away.

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nice to have you back with your insights.
8 Upvote

0 Great analysis

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