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What is the very big picture of spot Gold telling us, if anything? That there is a very bullish outlier scenario that could be unfolding…
We can make the case that all of the action from 2013 through mid-April 2017 is a base-accumulation formation that concluded the major corrective period from the September 2011 high at $1921.50 into the December 2015 low at $1046.20.
First published on Saturday April 8 for members of ElliottWaveTrader.net: I have read in many places on the Internet that the metals have certainly broken out. But, as you know, I am not quite convinced. Now, that does not mean I am bearish. It just means I still think there could be more downside seen before a true break out is seen.
As I have been noting for the last few weeks, silver has been providing us with the clearest of the patterns. And, last week, I noted that, under both patterns, silver still looks like it needs one more push higher before it is going to make its decision. This past week, we got our push higher to complete what is best counted as a 3rd wave off the March lows. But, as we know, 3 waves up does not constitute a bullish trend. Rather, we need 5 waves up to complete.
Just as I was mystified last week that anybody believed the TrumpCare bill would pass, I’m equally mystified to read people touting precious metals miners as a “buy” these days. I think gold, and the miners in particular, are in trouble. I remain very long JDST, and I’ve been yammering to my Slope Plus readers about metals quite a lot lately. As long as the Japanese Yen more or less continues to weaken, I think gold bears will be rewarded.
