Gold is strong and might never come down … yes, that’s what it seems like but as Mr. Larry P always says “trade what you see.”
I see a LONG TERM pattern completing/completed. Note, often times, the market will pierce thru the ABCD and continue up to 1.05946AB=CD. The 12th root of 2 is 1.05946 and that is the ratio we use to move up and down the equal octave scale of music.
I would not short, nor take profit, until we get a weekly or, dare I say, monthly signal reversal candle (SRC) The SRC being in this case, when the low of the candle that made the high is taken out to the downside on a weekly or monthly close. No need to step into the freight train, but the pattern is there so only time will tell.
Nobody in their right mind (is mine right? :)) believes in shorting gold but just calling it like I see it.
Cheers – B
Last but not least, the silver market is not even close to new highs and has/is completing a sell PATTERN.
