Any Fib practitioner will know the importance of 1.61 expansion ratio. Those 2 swings has confluence roughly the same level (Fibo cluster made famous by Carolyn Boroden) in addition to the horizontal resistance 2011/2012. RSI which is just a function of price momentum is reflecting OB levels. That massive current monthly candle is a bit dangerous from a momentum perspective because it could be the last gasp of the bulls from a swing perspective as price reached the important resistance of the hey days.
The bearish trend has reversed from the peak/trough definition but I would not call it a bull trend until 1900 breaks technically speaking on this TF. I would not be surprised if price will pullback from this key resistance but so can the momentum continue if the equity markets dial up the volatility sell off.
Personally this type of time frame is just too long term for me but I am open to forming a LT view then drop to weekly to get in and out of positions but the key theme is that LT is signalling gold price recovery. I am bullish gold for sometime but I am sick and tired of reading predictions of market meltdown or debt pile implosion which personally I view as a car sales men talk to prey on fears as they sell the gold bars.
I don't like trading especially Silver, like watching paint drying but I also think based on the gold-silver ration, it is a better capital return for the current swing return. Not many Silver mines that are sustainable directly.
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