I am excited to say, GOLD has reached my target of $1900USD/oz!!! Thought this warranted a post. It is merely dollars away from its ATH made about 9 years ago. My expectation is that we should be looking for Sells now. The old me would look at this and say that this is playing out to be a 'cup and handle' pattern. These days, I strictly look at everything as wave patterns and structures. I believe we have completed the B wave of a multi-decade correction playing out in Gold. I would expect, from here, we could head back to retest the $1040 low to complete the correction. This would indicate a deflationary environment is starting, which would seem to indicate the USD is going to get stronger and investors staying more in Cash. This seems to line up with the DXY bottoming out and my expectation of it going up. In the short term, I believe there is going to be a steep sell off in all vehicles. I am seeing S&P500 building up to have some downside as per my latest analysis. If you have physical Gold, none of this matters to you anyway since that is a long term hedge play against inflation. If it blasts through the ATH with no real sell signal (perhaps an Ending Diagonal), I will have to reassess. Exciting times ahead!
