The Franc and Gold/Silver both bottomed at the same time in 2001, where each started a 10-year rally. The Franc and Gold/Silver both topped at the same time in 2011, where each started 7-year declines.
.The Power of the Pattern shared that Gold should be flat to down for years to come, a week before the top in 2011. What was taking place that suggested meals could struggle for years to come? The Swiss Franc was creating a major reversal pattern at the top of its long-term rising channel.
The trend in the Franc currently remains lower and the decline has it testing 15-year rising support at each (1). Gold and Silver bugs would “Love” to see the Franc breakout at each (2). If it does, the Franc would send a bullish short-term signal to the metals sector.
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The SPDR Gold Trust ETF (GLD) closed at $114.16 on Friday, up $1.96 (+1.75%). Year-to-date, GLD has declined -7.67%, versus a 8.17% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Kimble Charting Solutions.