|Weekly gold chart from NFTRH144|
From July 17 (NFTRH144):
"Weekly gold is at all time highs and is approaching the top of its orderly uptrend channel. As noted previously, I would have preferred that it maintain the orderly MACD and RSI downside limits while hitting support because where market management is concerned, I like order whenever I can get it, which isn’t often. Gold is either preparing for a channel buster up or a downturn to bring things back into order.
Recall that during the precious metals angst of the last few months the robotic MACD consolidation was highlighted as a positive divergence despite the fear permeating the sector. If weekly MACD now triggers up, it will likely have proved to be a springboard to a channel buster up and a potential parabola. NFTRH will however, hold open the potential for Washington to cook up something that keeps gold within the channel, thus maintaining order. Best support remains in the low to mid 1400’s.
Always looking for opportunity to tout big picture perspective amid the short-term noise, I give you the 200 week exponential moving average (red). It is now at 1104 and rising. This MA contained the hysteria of Armageddon ’08 and represents the worst case scenario (if the bull market is to remain intact). 1104+… that is the new 681 (2008) 561 (2006) and 313 (2003), which were all levels that proved to be epic opportunities to get aboard the bull market in sound money and insurance against an over leveraged system."
Here is the chart in its current state: