Gold Report 07/26/19: by Woody Dorsey.
Mettle for Metal: I suggested for some time that Gold is in a structurally Bullish configuration. Metals had been somewhat unexciting until this Spring. I observed, “Investors always expect Precious Metals to be dramatic.” Now that they are, what may that mean? In the 1/28 /19 report it was suggested: “Gold may get golden and Silver may actually go Platinum?” This occurred but when Markets get this exciting, tactical exit possibilities become more compelling.
The Precious Story: Asset Moves generally becomes associated with Market Stories. However the absolute reliance on the Rational mind may be misleading. Market moves can unfold without obvious media “advertising.” One may never “Know the Fundamentals,” ahead of time but they can be inferred? One may have “logically” assumed that recent Metal strength would be synchronous with or, due to: Dollar weakness, Equity Swoons, Geopolitical Gyrations or perhaps some sort of Presidential Infidelities? So, what is the Story? We need not Know.
Gold Monthly: Gold remains in a Bull Market as advised. The 8/2018 Low had positive divergence with the prior Low of 12/2015. My view on 1/28/19 was that the next “Monthly High is not due until 2021.” Maintaining a positive bias has paid off so far. However, new timing suggests 2/2020 as a potentially intervening High. The Weekly profile offers a nearby High. Fall Fall. Up Again.
Gold Weekly: Gold became the overt leader in the complex while Platinum seriously lagged. I profiled: “Interim Weekly trend was Bullish into August.” A dynamic rally occurred. Timing hasn’t changed from January: A Weekly High is due in a few weeks. Look for an opportunity to donate some of your gains to your own account. Mr. Market won’t mind if you play that game. Everything in Moderation.
Silver Weekly: The preferred profile “told” of strength from January but it was a bit slower to play along. It is now quickly catching up. This is typical of “quick silver” to surge towards the end of a profile! Now Beware the Resistance.
Gold, Silver and Platinum Daily: Now we look at the alignment of the Daily charts. Each Metal is bullish but in different contexts. Gold has been the leader. Silver is accelerating. Platinum is now catching up on the upside. I said in January: “Why not Play along Long.” Now, “My Eyes are on an Exit 7/31-8/7.”
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