Gold - $2,000 Is ImminentGood news for goldbugs: GC Gold futures is projected to take out $2,000.
Bad news for goldbugs: I still believe that both price action and fundamentals are short/medium-term bearish on gold and that this swing will amount to an exit pump before lower prices forecast in the below post are achieved.
Gold GC1 - Discard Greed, Enjoy the Tranquility of Rationality
I also believe that Silver is about to rip over $25 for roughly the same reason
Silver SI - A Simple Trendline and Levels Scalp
And oil to $88
WTI Crude - Step 1) $88 --> Step 2) $5
Some key fundamentals on gold is that the Chinese Communist Party has been accumulating. I've heard that central banks tend to accumulate gold when their economy is in severe trouble and they want to make a bad situation look good. This is also a classic play in the CCP toolkit, trying to appear as if everything is great and the Party is very smart and stable even as tens of millions of citizens and technicians have died from the pandemic.
Another reason for amassing gold is to convert foreign reserves/national currency into something they can trade for oil on the dark market.
The CCP is not in a good situation. If you look at the stats the Party is reporting, they say that Wuhan Pneumonia (COVID) has totally disappeared from the country since Jan. 10. Not a single case, not a single death in two months, if you believe what the least credible regime on the planet has to say, at least, it's really a miracle.
But you should never believe anything the CCP says. The Party is addicted to lying.
There's data that says the Shanghai vault saw 140 tonnes leave in January, the largest withdrawal since 2018.
Some analysis says the CCP has over 4,300 tonnes of gold in reality, twice as much as they report, making them the second largest holder behind the United States.
So this tells us that the US is the market maker and the CCP, a crumbling regime that is the government of the one country everyone wants to seize control of, has decided to take a huge position, and at relatively high prices.
There's good reason to believe, then, that the US has +alpha to be gained from dumping gold. But first, the MM and its custom algorithms need to take out the shortsellers who have stops above the $1,975 pivot and the buyers who will go long over the $2,000 psychological level while dreaming of a new all time high.
The CCP is going to fall soon. But the skeletons in its closet from the 23.5 year long persecution and genocide against Falun Gong linger like a guillotine over not only its head, but over the heads of all the governments and corporations that have supported the Party and helped it to survive all these years.
This means that the wish for China's opponents is to ensure a controlled demolition of the Party so that the truth of what's been going on all these years can be buried.
The problem with getting ahead of ourselves based on last week's price action in terms of a long is that it's the beginning of the month and gold already went up 3%.
So, in my opinion, I'm looking for a pullback into the $1,820 range to go long and with a target slightly over $2,000. Time horizon is by early April.
Monthly candles show that February was an outside bar:
Daily <--> 4H <--> 1H candles show that February took out its low of the month right at the end of the month as well.
So ultimately, I expect the February low to hold, so long as I'm reading it right and price action is actually bullish, and so long as the fundamentals overall are actually bearish.
And there's no reason to be immediately bearish. Although price was rather abruptly rejected at $1,975, on the way up, there were no pivots or imbalances created. The pivot was just drawn at $1,810~. We can tell this because last week's candle was also an outside bar.
What I'm thinking is going to happen is that $2,000 will be achieved to clear out shorts and to trap breakout longs and hysterical top buyers.
After that, the US market maker will dump metals hard to put greater economic pressure on Xi Jinping's PBOC and CCP as the world attempts to make the Party fall so that they can invade China and establish globalism, which will lead to real worldwide communism.
Think of dumping metals as something of a soft sanction against China and Russia.
The idea of globalism is to have the CCP's social credit scheme become standardized everywhere on the planet, and then humanity will live in a two class system: one where there is a very small group of Gates/Clinton-type elites who lord from their "holy" ivory towers over a very large garbage dump of slaves scurrying around for scraps.
This is the plan. But over the very long course of history, a lot of governments and organizations have attempted to take over the world. World government has never worked out, and has always ended in disaster. Disaster, followed by a change of scenery.
This is why we find buildings from old cultures at the bottom of the ocean and buried in the Earth.
Be careful, and good luck.
