Gold uptrend still intact
Updated
Quick summary
Bullish reasons (charts):
1. Multi decade uptrend within a channel
- currently under reversion to mean
2. Cup completed now forming a handle.
- retracement since a year long uptrend (impulsive)
3. Descending wedge is about to be broken.
4. retest of multi year resistance at 1800 (perfect psychological number) turned support.
Bullish reasons (fundamentals):
1.
- dying global reserve currency (80 year cycles of global reserve currencies coming to an end for the dollar).
- fed is printing dollars to infinity
- the dollar is a sacrificial lamb
- inflation is underway (20% of dollars since 1944 is printed in 2020 alone)
2. more uncetainties underway in the next few years.
- covid 20 is probable using the spanish flu as a case study.
- stocks are overvalued. zombie companies run amock.
Bullish reasons (charts):
1. Multi decade uptrend within a channel
- currently under reversion to mean
2. Cup completed now forming a handle.
- retracement since a year long uptrend (impulsive)
3. Descending wedge is about to be broken.
4. retest of multi year resistance at 1800 (perfect psychological number) turned support.
Bullish reasons (fundamentals):
1.
- dying global reserve currency (80 year cycles of global reserve currencies coming to an end for the dollar).
- fed is printing dollars to infinity
- the dollar is a sacrificial lamb
- inflation is underway (20% of dollars since 1944 is printed in 2020 alone)
2. more uncetainties underway in the next few years.
- covid 20 is probable using the spanish flu as a case study.
- stocks are overvalued. zombie companies run amock.
Comment
Tight stop at 1780Comment
Stopped out and re-entered at 1779
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