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Thursday, March 28, 2024

Gold Gann Update

Courtesy of Read the Ticker.

gold-gann-updateThe latest swing down is testing a long time 1×1 Gann angle. 



Should we expect lower prices?



Or is this swing lower being used to accumulate at better prices by the large accounts. As always we find out how strong the bull hands are when support is tested. It is very obvious the gold price is range bound, and those who follow gold also know big moves higher mostly only arrive after the shorts have had a chance to clear (options positions and short futures).



There are those who say higher interest rates and the USD is bearish for gold, it some cases this so, but it is not automatic relationship as gold can and does rise (or at least hold its ground) with the USD, more so when the market knows higher interest rates will most likely explode the debt bomb. A corporate and sovereign debt bomb is what we have, and it is now widely reported the US annual interest rate expense will overtake US medicare costs. WOW! 



Mr Market does not treat the weak hands well, GLD could test $100 or the test could be over at $110. Retail traders react to price action, retail traders need to wait for confirmed strength to ensure higher price are going to follow. But we do know the ponzi buy back stock market music will stop, and that sir is why gold is still above $1000 once ($100 on GLD).



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GOld









Fundamentals are important, and so is market timing, here at readtheticker.com we believe a combination
of Gann Angles,
Cycles,
Wyckoff and
Ney logic
is the best way to secure better timing than most, after all these methods have been used successfully for 70+ years. To help you applying Richard Wyckoff and Richard Ney logic
a wealth of knowledge is available via our RTT Plus membership.





NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net



Investing Quote…



..”Thus, I affirm, every class of phenomena, whether in nature or in the stock market, must be subject to the universal law of causation and harmony. Every effect must have an adequate cause.”..



William D Gann





..”A market is the combined behavior of thousands of people responding to information, misinformation and whim”..



Kenneth Chang





..”The key to making money in stocks is not to get scared out of them”



Peter Lynch





..“The main purpose of the stock market is to make fools of as many men as possible”..



Bernard Baruch







..”Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception”..



George Soros







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