Gold Has Signaled A Failed Daily Cycle
Gold has signaled a failed daily cycle. It should now be starting a completely natural move down into an intermediate cycle low over the next 5-6 weeks. I expect the move will be tortuous and difficult for both bulls and bears. Gold is now in a new bull market. Don’t expect the declines to behave the same way they did during the bear market.
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So many people have chased the mining stocks, scared of missing out and oblivious to the fact that a retracement would be inevitable. I'm a terrible market timer, but I plan to be patient over the next month and look for the most opportune time to begin building a position in the metals and mining stocks. My condolences to the people who loaded up on these stocks the last few days.