Corrective Price Action In Gold
Gold similar to oil conitnues to drag its feet and move in an ascending (bearish) pattern by
making higher highs and then correct strongly downward. This zigzagging price action OFTEN
indicates WEAKNESS. Gold is ALWAYS mistaken to be a safe haven when times are tough for the
general markets. Well this is NOT the case and has not been for most of its modern history.
I believe this misrepresentation of gold comes from the price action of the 1929 crash where gold
I believe did move contrary to stocks at times. BUT it does not concern us what happend 90 years ago!
Gold prices I believe were fixed back then and so its outcome had to have been different. What does
concern us is what happened in 2008 where gold fell just like any other asset. And this continues to
inspire confidence that this will NOT BE THE DEFENSIVE ASSET EVERYONE ELSE THINKS GOLD IS!
It is an asset just like oil or stocks. And in hard times it too will fall. The price action here reminds
us that this will likely be the case and sooner than later. For now we remain neutral and wait for further
confirmation before well sell gold.
making higher highs and then correct strongly downward. This zigzagging price action OFTEN
indicates WEAKNESS. Gold is ALWAYS mistaken to be a safe haven when times are tough for the
general markets. Well this is NOT the case and has not been for most of its modern history.
I believe this misrepresentation of gold comes from the price action of the 1929 crash where gold
I believe did move contrary to stocks at times. BUT it does not concern us what happend 90 years ago!
Gold prices I believe were fixed back then and so its outcome had to have been different. What does
concern us is what happened in 2008 where gold fell just like any other asset. And this continues to
inspire confidence that this will NOT BE THE DEFENSIVE ASSET EVERYONE ELSE THINKS GOLD IS!
It is an asset just like oil or stocks. And in hard times it too will fall. The price action here reminds
us that this will likely be the case and sooner than later. For now we remain neutral and wait for further
confirmation before well sell gold.
إخلاء المسؤولية
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