Hello traders,
I made a bold call several times initially a few weeks ago, and continuing a few days ago, however, it is becoming increasingly likely that my call may indeed pan-out.
Gold always follows 10-12 week cycles with bottoms lasting in the final 3 weeks. This cycle likely threw all the bulls off because it has been exceptionally skewed, elongated and voracious. However, in reality, the overall pattern in Gold's 100+ year history on the market should not change.
Gold has formed an initial, secondary and tertiary top as shown on the idea and it is likely 1671 will be 'the final top' before we head down. Perhaps we re-test this level, but more than likely we don't.
While I won't go out completely and tell people to short from here, if Gold falls below 1600, this will confirm that my entire view-point is correct and that this cycle in Gold is indeed following the typical path.
This is not the time to be long Gold. And yes, this sell-off in Gold will be the same for Silver; equities will follow and sharply sell-off; the US dollar will continue its run up to 105+ (as I stated numerous times). I continue to view the bottom in Gold around 1390-1400 and Silver around 9.5-10 which should come by Mid to Late May.
- zSplit