Support the Wall Street Examiner! Choose your level of support to receive a free proprietary report as my thanks. Click the button below to see your options. Become a Patron!

Gold is OVERBOUGHT!

Said one Stool Pigeon, but I disagreed.

  13 hours ago, SiP said:

What gold is doing and silver, its just amazing. Completely overbought, and it keep moving higher!

Interesting that you say gold is overbought. It’s just now reaching intermediate price projections after it recently broke out of a multi-year high, with a conventional measured move objective that’s significantly higher. Short term projection was 2125.  I wouldn’t sell it at least until it breaks a trendline.

This really is just the mirror image of the ongoing collapse in the dollar. If the USD gets through 1.20 to the EUR, the target would be 1.25-26. Then what will gold sell for? 2150-2200 probably.

I don’t think of moves as overbought or oversold. They’re loaded words. The only questions are, first, whether the target is reached, and second, has the trend in force been broken, signaling its end?

I do think that gold makes an intermediate top soon, now that it has crossed 2000, but …

tvc_9dce72045f47f9334034df4a3fc23d23.png

Gold and Miners Close in on Rising Cycle Projections

As projections rise, prices are rising to catch up with them as concurrent up phases grow long in the tooth. But momentum and cycle indicators remain bullish. Here are the latest projections and suggestions.

Subscribers, click here to download report.

Try Lee Adler’s Gold Trader risk free for 90 days!  

Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish LiquidityTrader.com, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.