Gold -update 08/06/2023As aspected nicely moving to the TP 2
Shares analysis done totally relaying on technical analysis…
08
'01 & '08 Type BeatFrom not only a fractal's perspective as many of you have seen from comparing price action from 08 & 01 to the present, the Moving Average distance has reached the historically critical levels as well.
The below indicator is MA_dist - measuring the distance price is above & below the set Moving Average (100 daily). The price has stuck its head up above the moving average at the exact same level seen in '01 and '08. This is a critical point in distinguishing what type of bear market we're in. A return to the lows seen a few months ago would likely mean that we're only half way through this bear market capitulation.
Shorting here with a tight SL would probably be my best call. The fear that put us in this price market isn't gone, it's merely priced in & there's really no reason to see any economic upside quite yet.
I'm not sure how this Fall's "famine" & migration in the middle-east is going to affect all of this - there'll surely be fear & for good reason - but I couldn't say how that'll affect the current prices. Is this Fall supposed to be bullish for the US economy? One could argue for & against it - but I'll leave that up to the economists.
ReCal WeeklyMarch WK2 08-15ReCal of the weekly.
Fib Tool set in direction of trend from selling of 315 to buying of 215
