Gold: Resolution of Next Wedge
Source: Barry Dawes
May 19, 2023 (Investorideas.com Newswire) Barry Dawes of Martin Place Securities reviews the state of the U.S. dollar, the gold market, the banking sector, the copper sector, and crude steel.
Key Points
- Gold
- Nth Am Gold stocks continue to base
- ASX Gold Stocks consolidating ahead of breaking neckline
- H&S reversal pattern setup
- Much higher target levels generated
- NST looking for another sharp move
- US equities
- S&P 500 looking to break sharply higher
- Could be heading for new highs on short covering
- Housing sector index at 16-month highs
- Still housing shortage
- Banking sector bottoming on uptrend line?
- Breaks 7-month downtrend
- Euro at a critical level
- Yen weaker again
- Copper bottoming
- China crude steel output strong again
- Still within the parabola
- Gold stocks would be in wave 3
- Zone of maximum acceleration
- Next stop 165 on the XAU
- 7700 is important long term resistance
- Clear 'Neckline' for Head and Shoulders reversal
- Target is around 12,000 as intermediate after passing 9888 previous all time high
- Over 20,000 longer term
- Nice consolidation pattern here
- This short term wedge resolved higher
- Should be ready to rise to test 7700
- Big break out after that
- Disappearance of NCM will only boost NST higher
- Rally continuing
- Other currencies looking weak
- Critical level here
- Should bounce
- Breaking below 108 should lead to further weakness
- Euro has only rallied to break line, which is 50 year uptrend
- Still think Euro won't exist by the end of 2024
- Heading lower
- Short term is setting up for a big breakout
- A breakthrough 4200 would signal a strong rise
- The next rise should be to at least 4300
- But if rapid would probably signal move to new highs
- New 16 month high!
- Bottoming
- Strong recovery
- Not far from all time highs
- Iron ore should soon pick up again
- Following copper and iron ore
- Looks likely to see significant new highs in 2023
- Some short term pull back possible
- BHP in AU$ looks robust with underlying uptrend support
US$ - Heading Higher
BHP Looking Strong
Gold
Gold seemed surprisingly calm overnight while it consolidates above US$2000.
The US$30 sell-off on Thursday clouded the US$20 recovery on Friday, so the volatility in gold is very positive for this market.
Note gold is now making new highs each week in other currencies.
Technically, gold is ready for another sharp move higher.
The resistance around US$2000 is now supported.
Gold making new highs in Euros.
Gold Stocks
The short term should see good support here.
ASX Gold Index
Need to keep repeating the big picture here.
The big picture supports a MASSIVE rise in the XGD.
NST is Leading
US$ Index
Euro
Japanese Yen
US Equities
Housing Sector Index
Big inventory catch up > 4 years.
Banking sector recovering.
Copper
China Crude Steel Output
BHP
Timing is everything.
Heed the markets, not the commentators.
More Info:
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
