If you have a three stage rocket engine designed to achieve orbit and only one stage kicks in, how far in time and distance will that journey last?In early July a positive new daily emerged in the gold market but was
defeated last week. At the time, both the weekly and monthly were negative. Clearly,
the lifespan of the daily was limited.
Read our July 6 Backup the Truck vs Backup Plan in detail. In
that presentation, we noted that "Predictive Benchmark
trends for new highs are also NOT favorable at this time. In other words, it's intermission time longer term." What
was that based on?
In answer to a reader's question, here is the monthly chart of Barrick that demonstrates the answer.
Click chart to enlarge
The XAU, HUI and XGD indexes have a similar posture in all primary time frames.
No amount of alleged positive seasonality trends,
moon shot forecasts or other nonsense will save the day.
Countdown Conclusion
The answer is always in the trend. A new daily trend is required to restart this failed engine of progress.
This needs to be followed by subsequent positive thrusts from the weekly and monthly engines for full bull market confirmation.
The countdown for this major launch will likely take considerable time and distance to
succeed.
This is not rocket science.
Trader Garrett 8/9/21
Duplicating Results
Alternatively, an entry level free tutorial using premiere indicators is here.
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