We need to keep reminding ourselves that even during those frustrating cycles when gold is being treated like garbage by investors, it is still in a long-term bull market. However, it has been so slow in developing that even hard-core bulls will find their patience tested to the limit. Accumulation is the strategy of choice, coupled with perseverance and discipline to make the ordeal seem worth the wait. To that end, we should be prepared for the correction begun from May’s all-time high at 2112 to come down t0 at least 1908 before bulls are sufficiently rested to mount another charge (of the Light Brigade?). The corrective segment shown in the chart has yet to trip a ‘mechanical’ short, but it would on a rally to 1983.40. Check for details in the chat room if the set-up should ripen, since the $10,000 theoretical entry risk on four contracts can be cut by 95% if we do it right.
GCV23 – October Gold (Last:1956.60)