Greetings from the high country here in Squaw Valley where yesterday (Friday) with much pomp and ado was celebrated the opening of the 2018/2019 ski season: except that there isn’t any snow.
Rather akin to the ever-present pomp and ado bestowed upon Gold by we steadfast analysts: except that there isn’t any price movement of substance. Nonetheless, let’s start with this stimulative not-so-breaking news:
“Flash! What just happened with the price of Gold?” … well, nothing of material note of course, save for this otherwise unnoticed tidbit as depicted above in the opening Gold Scoreboard. Ready?
For the first time since mid-July Gold settled out this past week above at least one of the last two years’-like weeks, now at 1222 being higher than when price was at 1207 to this point in 2016, (but obviously still below where it was at 1294 this time a year ago). And yet…
With the Bond market, EuroCurrencies, Oil and the S&P 500 all lurching about in fits and starts due to skepticism over Chairman Powell lauding the Federal Reserve Bank’s Open Market Committee because the economy “is in such a good place right now” (exemplary of their not following the Economic Barometer) … to Dominic Raab’s sudden resignation as the UK Brexit Secretary … to the wheels coming off of petroleum prices although now there’s Saudi SupplyCutSpeak … to regulatory bank tightening come January as Representative Waters takes the Chair of the House Financial Services Committee … throughout it all Old Gold is just sitting there aloofly gazing into space:
To be sure, Gold’s change this past week of +12 points (+1%) clearly is, as we oft quip, welcome; but remindfully, change is an illusion whereas price is the truth. And per the weekly bars shown below, today at 1222 even with Gold having survived the week without the parabolic trend flipping to Short, (which in the new week would occur should 1196 trade), such lowly levels of price we continue to endure. Moreover, it is trapped between the base of The Box (1240-1280) and the squeezing blue dots of parabolic Long trend. As put forth a week ago, the 1180’s are lingering below.
