Gold daily chart updated

Well 1590 came and it came hard.  Am I confident that the weekly trend line will hold?  Well, it has already been pierced on log scale charts.  Bears will cherry pick those.  It still holds by linear scale charts and we bulls can cherry pick those. ;-) (they are what I use most often).

A guy I respect, Rick Ackerman says a loss of 1630 brings 1490 really quickly.  Never mind Gartman.  But Ackerman and his hidden pivot thingys are worth a listen.

But for now, here in the land of simple charting and psychology, all we will say is that gold has come to target and it has arrived without all the unhealthy holders that momo'd into it a few months ago.  Things are better now from that standpoint.  This is how you build new bullishness that, sadly, the idiots will pump too high again one day.

If you sense that I enjoy this time much more than the b/s that preceded it, you are right.  It is times like now that the charlatans and pretenders fall away and go quiet.  They'll be back when it is safe to come out.  This is war, and you do not win wars with ego, pomp and showmanship.  You win them with ammo, and you remain prepared for anything.


Edit (12/15 @ 6:32) A subscriber writes in to advise Ackerman's target is actually 1459.40.  Sorry for mix up.

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