GoldNuggets — Gold Price Puzzle
Global Gold Coiling
The Global Gold Price Index is coiling into a short-term symmetrical triangle; the trouble is this is a non-biased pattern, i.e. it could easily resolve to the upside or serve as a turning point (down; if it breaks lower). Key is to watch for a breakout one way or the other.
Meanwhile the US$ gold price continues to pressure overhead resistance; forming what looks more like an ascending triangle (bullish continuation pattern). $Gold - main 2508(GCmain)$
Topping Pattern?
On the bearish, or at least peaking, side of things Willem Middelkoop ponders out loud on X with this chart: “Gold Topping Pattern?“
It’s a question on many people’s minds after such a strong run…
Still Further to go?
But then here’s a bullish perspective: “we haven't entered the public stage in the West yet.“ —implying that if this is an emerging bubble in the gold price, then it could bubble-on much further yet before the ultimate peak.
Crypto Canary
I raise this interesting chart by JC as it indirectly addresses the next topic (of US dollar weakness) —that is: upside in gold and crypto, and downside in the US dollar are all part of the same big picture issue: all different facets through which that same light is shining.
Hence the US dollar bear theme and the US political risk shockwaves are being expressed not just in the US dollar but also through gold and crypto and other markets — and even if one of them takes a break another likely picks up the baton and keeps moving forward…
US Dollar — Edge of Bear Market
On that note, the US dollar index is sitting at a major macro precipice here. Basically we can argue that the black line in the chart below will be the Rubicon between bull and bear market. (source)
Already there are plenty of signs that the US dollar has moved into bear market, but I think a break lower on this chart will be a major harbinger for the next steps (in terms of magnitude and duration — likely echoing previous past major cycles).
This is likely to have bullish implications for commodities in general.
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