Gold has not been doing well over the last several days. However, it is still within the channel that has been established since mid-December 2017. A short-term break below the channel is possible, followed by a continuation of the rally to $1400.
Remember to keep the long-term picture in mind: central banks around the world have printed trillions of paper currency, and the velocity of that currency is historically low. Once velocity picks up, inflation will emerge and lead to a significant increase in commodity prices, including gold.
Totally agree! However, my analysis shows that GLD might dip into a daily cycle low in the short term.
Agree, that is why I wrote that a short-term break below the channel is possible.
Very informative
Keep it up
Thanks
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