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moorpett

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30/08/20

12:43

Post #: 46928992
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Originally posted by Pointyfigures: ↑

Gold stock sentiment indicator.
Nothing much has changed.
Even the Fed change in policy direction (note that they have been targeting an increase in inflation for years - to no effect) is not relevant without some change in action.
Not many options left except to tackle corporate (and hedge funds?) behaviour.
Unproductive middle men are bleeding countries and companies dry.
.
I am going to make a bold call here. We are now embarking on the next leg up for the gold sector.
Before setting new highs, there are various levels of resistance to get through so I expect each decent move to be followed by a short consolidation period and the odd minor rejection.
.
Unlike many, I do not believe the USD is going to collapse.
Apart from very solid support that has hardly been dented, it will still be the go-to if there are any market jitters.
.
Producers are following POG moves and weak hands are still being shaken out of positions.
What is interesting is while leading indicators have fallen back to the sub 40% area, the sentiment indicator has ticked up a little.
This suggests quality juniors are well supported and bargain hunting may be underway.
There is a good degree of pessimism out there and expectations of a pull back in POG to the US$1,750 area. I do not agree.
A move of this scale would have most stocks going into a bear trend. Support would be demolished all over the place.
We are in a bull market.
The recent pull back from the high has been timely, healthy and appropriate.
Monday is looking good.
Here is the indicator.
.

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i agree about the usd is going to stay strong but only because this time every country is printing money so the values will remain the same across the board, however this also means that gold must move a lot higher as all currencies are worth less as a whole so gold is left to hold value and must be worth more, a lot more.
4 Upvote

0 Great analysis

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