Gold's Up Streak Completes Its 24th Week

 

Mind you that Gold on this run has not recorded 24 consecutive up weeks: indeed seven of them have been down. But the overall weekly parabolic Long trend is now up for the 24th straight week. And as you regular readers know, that's saying something.

Indeed along with those of you lucky enough these many weeks to have been scoring at home, Gold now stands alone in having recorded its third-longest weekly parabolic Long trend since the commencement of this Third Millennium back on January 1, 2001. However as pointed out in recent missives, this one -- at least to date -- hasn't produced as much intra-trend upside punch as have the only other two which bettered it ... but it isn't bad. And if you've missed out on scoring, here are the top three:

  • 26 weeks during 2005 from June 27 through December 23: first price 441.0, last price 505.2 (net gain 14.6%); intra-trend low 418.2 to intra-trend high 544.5 (gain 30.2%);
  • 25 weeks during 2004 from July 12 through December 31: first price 408.2, last price 438.4 (net gain 7.4%); intra-trend low 385.0 to intra-trend high 456.5 (gain 18.6%);
  • 24 weeks completed since September 18,  2018: first price 1199.8, current price 1330.7 (net gain 10.9%); intra-trend low 1184.3 to intra-trend high 1349.8 (gain 14.0%).

As for you miners followers across the same current stint, GDX (the VanEck Vectors Gold Miners exchange-traded fund) has traded as low as 17.58 to as high as 23.70, an intra-trend gain of 34.8% and more than double that by the yellow metal itself. So quit yer bit*#ing and keep on pitching.

Of course the longer the parabolic Long trend runs, the tighter becomes the squeeze by the ascending blue dots as we see here in the graphic of Gold's weekly bars. (It does look fairly impressive, one has to say). Yet price settled out the week yesterday (Friday) at 1331 to net only a six-point gain, the parabolic flip-to-Short level rising ten points from 1300 a week ago to 1310 now. Further as you can see by the closing nub on the right-most bar, Gold gave up most of its intra-week gain, whereas for the prior four weeks price settled near each respective high. Certainly the squeeze is on, and given that Gold's trading range is once again widening, the rising parabolic becomes more threatening:

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