Gold has had a tremendous run over the past two years and as it burst to 3,400 before backing off, I'm feeling that the consensus for a sure trip to 5,000 is beginning to get too prevalent.
Can't lose sight of the fact that we have completed a five wave impulse and needed to correct. The only question is have we already corrected and now are on the path to higher highs? Or are we completing a B wave and are setting up for a trip down to complete the C wave.
I like the latter option for the moment, so much so that I took profits on many of my gold miner stocks in anticipation of perhaps an opportunity to pick them back up at much lower prices.
Still maintaining physicals and will add should prices retrace sufficiently.
Can't lose sight of the fact that we have completed a five wave impulse and needed to correct. The only question is have we already corrected and now are on the path to higher highs? Or are we completing a B wave and are setting up for a trip down to complete the C wave.
I like the latter option for the moment, so much so that I took profits on many of my gold miner stocks in anticipation of perhaps an opportunity to pick them back up at much lower prices.
Still maintaining physicals and will add should prices retrace sufficiently.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.