Barry Dawes of Martin Place Securities looks at how various sectors have been doing this week, from gold and silver to uranium and housing.
Surprised there was no initial backtest on the breakout from the wedge, but I guess it is here now. Maybe a pullback to the breakout while the USDXY heads to 105. Volatility remains high with another US$30 intraday move.
Gold is still holding above major support, not far from US$2000. But as has been pointed out, gold is technically ready for another sharp move higher.
More detail from World Gold Council global data on gold ETFs.
The numbers for Asia are far smaller than for Nth America and Europe and are small against the very large traditional holdings in gold in China and India, but it is the direction that is of interest.
Individual country data for Asia.
Japan rising, with China and India possibly turning.
Also, the expected backtest to around US$1950 on this graphic didn't initially happen, but it might now. Maybe a week or two oscillating before moving higher.
All this might be confirming a low in May/June before moving seasonally higher in the Dec Half of the year.
Uptrend looks good.
Still holding above this long-term support level.
This looks like a very strong setup for a sharp rise soon.
Five waves down here from the B wave high to complete C and Wave 2. Strong breakout and a small pull back here.
Not sure how much backing and filling is required here, but it should not be too long.
Very nice bounce out of lower technical support and then support on the May 2022 downtrend.
Moving higher from strong technical support
July 2020 downtrendSept 2022 uptrendHorizontal support at around 6700Need to keep repeating the big picture here
7700 is important long-term resistanceClear 'Neckline' for Head and Shoulders reversal.Target is around 12,000 as intermediate after passing 9888 previous all-time highOver 20,000 longer termXGD has completed 5 Wave C wave to complete Wave 2The big picture supports a MASSIVE rise in the XGD.
Uranium is to break out strongly very soon.
Timing is everything.
Heed the markets, not the commentators.
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