Ever since December of 2016, when the gold price came close to challenging the December 2015 low, the technical picture has been chock full of non-stop, short-term bullish studies and patterns off of that pivot. So many set-ups have come and gone and metastasized, I lost track in my head. Fortunately, a time-stamped thread of gold charts dating back to September of 2015 on my Twit feed is available for prosperity’s record of perusal. A Twit follower once asked why I do “threads” with hashtags. Perhaps he will read this today and “get it,” as they are, for the record, outside of my head.
Gold has reached another precipice, as if we have not had enough of them following the 2013 smash-a-thon. Yes, “this time is different,” minus a smash, and the reasons are just too numerous to connect all the dots into a comprehensible story that anyone would even care about or enjoy reading. Just as one variable presented itself, another jettisoned to the forefront, resulting in an even higher number of short-term, bullish patterns that have kept piling on top of each other since late 2015.
It truly is freaking meowt because it will not stop! Forget about any underlying chaos in banking, global stock markets, economic indicators, geopolitics, and precious metal fundamentals lurking below the bubbling surface, because the gold chart visual alone reeks of a yuge royal flush confluence.
Oh, and we have Cold War 2 lighting a big, fat, stealthy JASSM candle on the weekend party cake, on Friday the 13th, mind you, hovering over the potential biblical destruction of Damascus. All that delivers a higher probability that while sipping hot chocolate in the “live free or die” state as winter refuses to leave my window view, only a brief heads-up is appropriate: 1) Beware of the cartel because a mini-puke at this intersection would fit their usual modus operandi and best interests. 2) The buy volume on the charts printed a rocking record this week…
Read the full article by TraderStef at CrushTheStreet – originally published on Apr. 15, 2018.