the ratio of STAPLES/GOLD has been a key to forecasting tops and bottoms in the price of spot gold. We have completed a BUY PATTERN which, if it holds, will cause resistance for Gold.
I’ve posted the Gold long term SELL patterns that are appearing/have appeared.
Wanted to show this chart that I presented w/ Stock Market Media on Sunday night …
It’s the XLP/GOLD and, as you can see has been VERY accurate – at least since XLP ETF inception at picking the highs and lows in Gold.
Right now, we have finished this XLP/GOLD ratio BUY signal and, thus far for 23 years everytime the ratio has bottomed – Gold has topped.
WATCH THIS RATIO EXTREMELY CLOSELY.
Potential for tops in both Gold and Silver approaching / hit.
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.
192 year price projection …
gold and silver approaching/ at KEY sell patterns. The “p’s” looking like they are getting to run higher – Palladium and Platinum
Some very interesting and potential significant PATTERNS about to be hit on the metals. While the ‘energy’ of the Gold and Silver markets is such that they will NEVER go down … they might not, but we have some long term patterns to contend w/ before I’m all in …
Palladium showing some support off the .786 – maybe watch this one on the first pullback?
Across the board, the metals are hitting big sell signals. As is the case w/ PATTERNS, we really DO NOT know which ones will work and which ones won’t … but when they all pretty much lineup like they all are now, then something ‘big’ usually occurs.
Mind you, the ‘big’ can be PATTERN failures across the board (the sell signals all fail w/ a daily close above the levels shown below) OR the PATTERNS work and the metals are at a pretty big inflection point and …down they go.
This is a VERY interesting time w/ regard to the ‘circle of life’ (fixed income, FX, equities (global and CONUS) and commodities) … it’s really not a simple bet right now.
I posted yesterday about Gold. I mean, folks, it really doesn’t get any better than this. Long term ABCD’s are BIG DEALS. That, coupled w/ the rest of the metal sell patterns shown below, will make you realize that this is THE inflection point for the next couple months or, perhaps, year (s).
Gold: https://bartscharts.com/2024/09/19/gold-september-19-2024/
Silver:
Copper – BTW – where is Copper? W/ the move occurring in the equities, shouldn’t copper be following? It’s barely made a .382 – hmm. PS – this is a VERY nice PATTERN – ABCD, .382+.618 confluence and 1.4142 extension.
Palladium:
Gold approaching major resistance
Gold approaching MAJOR resistance …
Last post on Gold: https://bartscharts.com/2023/08/16/gold-august-16-2023/
I did NOT get filled on my resting buy order for Gold. Will now try to work into a LONG Gold position.
If this count is correct, Gold is off to new all time highs in a 5th wave …the 3rd wave of this 5th wave is, more than likely, just starting.
little higher for a very important target on the ratio of Gold/Oil
04/10/20 – our target level hit and, if you look closely below, you’ll see 5 waves down .. followed by 3 waves up into a “perfect” SELL PATTERN for the ratio. IF this pattern works (the big if) then expect Crude to strengthen against gold and, perhaps, keep the oil rally going for a little while longer.
one of my readers asked me a question on Gold/Oil ratio. below I have charted SPOT gold / futures oil (continuous contract) – wow, pretty amazing move … take a look at the 1.618 projection target a little higher. that ‘should’ (operative word) cause some resistance. additionally, if we keep this parabolic rise in the ratio then the 12 level on oil doesn’t seem to far fetched, does it? thanks again Ray for the ping … great question and observation. that’s what I see .. hope it helps. Bart
need to respect the move UP in Gold last week … was ‘hoping’ (a strategy) that we would see another leg down into the circled area to complete the multi-year triangle and then a very strong move up …
watch over the coming days and especially this week.
Bart
