The whole market in red ink other than Health Technology sector, so the whole shebang including my beloved metals and my gold pariah in deep do-do today. When the ASX opens today Wednesday I expect to get a good caning. So where to for gold? Today we get a red market and gold is not there to save you, LMAO! This is a nice time for weak hands and gold BINO's (Bugs in name only) to throw in the towel and say "stick gold up your ass". Really? Now is not the time to spit the dummy! Hold the faith oh ye faithless, I smell capitulation.....!
Ya, am all too familiar with gold the wonder metal's gangbuster, spectacular, booming breakout, miracle moonshot, saviour, hedge against bad times performance. Who can we blame?
The markets haven't reached a point of dispair or panic yet, not tipped over the edge, there is still hope a rally can transpire despite the fact of lots of red ink in metals, energy, technology stocks.... Therefore I am not bearish at this stage. Health technology, consumer staples and Utilities along with shorts were strongest. Gold held up, looks like a floor may becoming established but signs are weak, no conviction. Your financial advisor.
Gold has got to break north from this triangle by end of Q2 next year, right? Symmetrical triangles break upward 60% of the time in bull market.