Investorideas.com

Call 800 665 0411 to learn about our services for your stock

Search   Follow Investorideas on Twitter   Investorideas is on Facebook   Investorideas is on Youtube   Investorideas is on Pinterest  Investorideas is on stocktwits   Investorideas is on tumblr   Investorideas is on LinkedIn   Investorideas Instagram   Investorideas Telegram   Investorideas Gettr   Investorideas RSS




Share on StockTwits

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
  • About to complete the next wedge
  • Upside resolution would be strong
  • New highs in most currencies
    • Nth Am Gold stocks continue to base
  • Still within parabola
  • XAU heading for 165
    • 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?

        US$ - Heading Higher

        • Breaks 7-month downtrend
        • Euro at a critical level
        • Yen weaker again

        BHP Looking Strong

        • Copper bottoming
        • China crude steel output strong again

        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

        • Still within the parabola
        • Gold stocks would be in wave 3
          • Zone of maximum acceleration
        • Next stop 165 on the XAU

        The short term should see good support here.

        ASX Gold Index

        Need to keep repeating the big picture here.

        • 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

        The big picture supports a MASSIVE rise in the XGD.

        • This short term wedge resolved higher
        • Should be ready to rise to test 7700
        • Big break out after that

        NST is Leading

        • Disappearance of NCM will only boost NST higher

        US$ Index

        • Rally continuing
        • Other currencies looking weak

        Euro

        • 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

        Japanese Yen

        • Heading lower

        US Equities

        • 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

        Housing Sector Index

        • New 16 month high!

        Big inventory catch up > 4 years.

        Banking sector recovering.

        Copper

        • Bottoming

        China Crude Steel Output

        • Strong recovery
        • Not far from all time highs
        • Iron ore should soon pick up again

        BHP

        • 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

        Timing is everything.

        Heed the markets, not the commentators.

        More Info:


        Investorideas.com Newswire

        This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


        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


        That's all it takes to get an article published on Investor Ideas - Learn More






        Gold Mining Stocks - Gold Mining Stocks Directory, Gold Stocks News, Research and Resources

        Gold-MiningStocks.com - investing ideas in gold and mining stocks

        Like Gold Stocks? View our Gold / Mining Stocks Directory

        Get News on Mining Stocks