Lifeless Gold Falls Outta Bed

 

Opening note: with respect to the above Gold Scoreboard we've upgraded the line colors to make them more visibly distinct, the thrust of the overall picture rather cynically showing us that Gold's price these past few years hasn't materially gone anywhere in spite of the ongoing proliferation of foundationless fluff, (i.e. Dollars). A tip of the cap to valued reader LdK.

As for lifeless Gold, price this past week became so flat-lined, indeed stuck in and just below "Neverland", (aka "The Whiny 1290s"), that the narrow trading range for the week's first full four days of only 10 points was less than Thursday's EDTR ("expected daily trading range") of 11 points. . That's quintessentially lifeless.

Then come Friday, lifeless Gold fell from its bed smack onto the top of The Box (1240-1280), settling out the week at 1281. With 13 trading days -- that's already 5% of the entire trading year (it goes fast) -- already in the books, not only has Gold spent a portion of each one in The Whiny 1290s, but moreover through these first three weeks of 2019, Gold's net changes have respectively been +3 points, +2 points and -7 points. Price is thus down a wee skosh year-to-date. Never to escape Neverland: been there, done that, and here we go all over again. It's like a bad dream as we turn to Gold's weekly bars wherein lower highs are now creeping into the present picture:

So it's back into The Box for a bit? If you follow the website's daily Prescient Commentary (or Gold page or Market Trends page), you're already aware that Gold's "Baby Blues" -- a measure of linear regression trend consistency -- have started breaking down as we see below left across the last 21 trading days (one month). Thus among yesterday's end-of-day BEGOS Markets reports came the panel below right:

Of course, Gold does have a hankering to go quiet when all is right with the world. Take for example the stateside "partial" government shutdown for "non-essential" workers. It began effective 22 December, the S&P 500 Index having settled the night before at 2417: now it is 2670, an increase of 10% shutdown-to-date. Kind of like when a private sector company cleans house, earnings improve. Welcome to real life."But actually Gold is up too."

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