GOLD- Well, not a happy Christmas for gold buyers yet.
We said in our forecast TMTF for 1190 and 1241 as key support would also have to be taken out on a closing basis before we could confirm a new uptrend in gold and end the 5 waves Bear Cycle. Not entirely, however, and indeed in my social service we avoided Gold reserves completely even with the recent temptations for long because Oro for us is key. If we are not more than 1241 then we are not buyers of gold shares, plain and simple. With 5,000 stocks to choose from, why not go with the sectors that are in strong uptrends and avoid those mired in the mud as gold? For example, you might be looking to stock up given all the cyber attacks worldwide that are only getting worse. Gold is money, as we all know, but a downward trend is a downtrend. Trust what you see, not what you think for best results.
So now the problem is that we gave support line 1190 and MA 30 weeks on the weekly chart is your guide to the key resistance to wear. We remain on the bench until removed. The following graph shows the blue line with the 30 weeks moving average resistance, and can use this same graph for the uptrend in the SP 500, which we recently used for our subscribers too. Be free of bias in history and hay days of gold reserves and gold, which ended in 2011 ... wait for the next hay days to arrive, see the 30-week moving average before acting.
The SP 500 for its part is in wave 3 from 1973, 38% of the surface wave 2 lows. That was a quick fix and waves now are likely to be quicker and shorter as we are in the primary wave 5 of this bull cycle, the later stages of the Bull if not mistaken. 2131-2138 is the bogey past the first Fibonacci pivot resistance on the way to the goal of 2181 had over a month or so ago.
