Comments on: Gold Hits Next Price Target, Pullback Likely Soon

By: rsotc

rsotc — Fri, 02 Dec 2022 14:04:55 +0000

In reply to Jeff Vandenburgh. Thx for sharing Jeff. I'm not a big forex trader but maybe others here are & that could also be significant for those living on the other side of the pond. As far as the impact on gold & silver, GBP only has an 11.9% weighting in the US Dollar index (#3) vs a 57.6% weighting for the Euro (#1) and a 13.6% weighting in the Yen (#2) so Euro is the one I watch closely to integrate with my analysis of the metals (along with $USD, of course).

By: rsotc

rsotc — Fri, 02 Dec 2022 14:00:59 +0000

In reply to Brad. Sure. Here's my 60m chart of /SI with some near-term pullback targets.

By: rsotc

rsotc — Fri, 02 Dec 2022 13:57:24 +0000

In reply to jmccallum. Agreed. That has been my experience over the years.

By: trade0039

trade0039 — Thu, 01 Dec 2022 19:26:28 +0000

Assuming a Blind Man can see SPY and other major Indicies and Sectors are in major resistant (both moving averages and trendline/levels), market is being very resilient to tank. This to me is very concerning now!

Bears are getting butchered for the past 2 months now!!!

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 01 Dec 2022 17:19:05 +0000

Along with a pullback in the Euro, I think a pullback in the British Pound (GBP/USD or /6B or /M6B) looks ripe here.

By: Brad

Brad — Thu, 01 Dec 2022 16:34:01 +0000

Randy – Would you mind also posting your updated chart of /SI? Thank you!

By: jmccallum

jmccallum — Thu, 01 Dec 2022 15:46:06 +0000

of course, because i just commented on how well it is doing in the other post.

in the same way that the market stopped going up just as others posted their concerns about the market not going down.

sometimes the comment section can be an excellent contrary indicator