Man stares at charts of gold and provides the bearish news…
[unnamed, because he’s technically the competition] Man who stares at charts and uses his TA discipline to advise the sometimes titillating and sometimes disappointing things he sees in his charts sees some bad news in gold. This week he’s almost apologetically advising gold bugs of the grim prospects for gold. You know, 7 months after the correction began.
The reason I bother commenting is because whether the dour forecast proves to be right or wrong, these are the types of analyses and commentary you are going to see at the tail end of a maturing correction, probably in any market, but especially in gold. When gold analysts take an apologetic tone to advise the bad news to their herds it’s a tell that said analyst just can’t take it anymore. Said analyst needs to be on the right side of the trade after all, or said analyst will no longer be in business.
There are big picture views, short-term views, trend lines, patterns and a whole other bunch of TA tools. I think the man who stares at charts is looking at patterns, downside breakouts and bigger pictures. This daily chart does not advise whether gold will go bullish or remain bearish (the trend is down) but I’ll tell you one thing, only last week did gold finally hit the preferred downside target zone.
Now there are analysts with gold bug herds in tow advising how bearish it is. Sounds about right. There is a lot more to gold and any other market than its chart. I am telling you, and I am a chart guy. There are sentiment and macro fundamentals to consider and combine with the TA.
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