Gold Sentiment Lesson #3,000

The number in the title is in honor of the boldest forecast burped up by the gold community in February as the metal (and the miners) jerked upward and jerked the holdout would-be enthusiasts into the market. It was included in the anonymous (but real) quotes from a cautionary post last week on the Gold Bull Horns.

We also used these quotes in an NFTRH update in order to try to make a point, despite what were very short-term contrarian bullish readings that day (per Sentimentrader’s data) for junior and senior gold miners.

From the update (Feb. 28)…

“Regarding sentiment, I have personally been a bit vulnerable as a bull since reading these over enthusiastic pronouncements that were bullhorned in the gold community when the sector jerked bullish for all to see. Quotes below from last Friday’s post. The hypersensitive indicators above are one thing, but stuff like this has reliably been a tried and true tell on gold sector sentiment. Last Friday it sucked and the question is whether or not it has been fixed yet by this moderate pullback.”

“It’s been a long time coming so enjoy this day as there will be many more to come. It’s just getting started.” (2.19.19)

“Gold appears to be rallying from the final right shoulder in a multi-shouldered inverse H&S bull continuation pattern. Incredibly, that pattern itself appears to be just the head of a much more gargantuan pattern with a target price of $3000!”(2.19.19)

“What is going on is that gold is in the early stages of a parabolic slingshot uptrend as shown, that should soon vault it above the key resistance approaching and around $1400. Once it breaks above this resistance it is expected to accelerate dramatically.”(2.19.19)

Repeat after me… gold cheer leading by public figures (greater or lesser) is always followed by a negative reaction before too long.

While we’re at it, let’s also note another point of caution. When gold rallied yesterday, supposedly because the Trump-Kim summit flopped, a negative outcome was already in the bag.

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