From Chris Kimble: In 2011 the Power of the Pattern suggested that Gold could be flat to down for years to come.
See post HERE detailing that call. Since that post in 2011, Gold finds itself down around 30% and Silver is down over 65%.
2011 saw extremes in prices. After nearly 7-years of lower prices, could the trend in metals be about to change?
Below looks at chart of Gold and the US Dollar over the past 27-years:
This chart reflects the “potential” that the US Dollar could be creating a bearish head & shoulders topping pattern, while Gold could be creating bullish inverse head & shoulders bottoming pattern.
Joe Friday Just The Facts- The odds might be low that this read is correct. The impact would be BIG for metals (Gold, Silver and Miners) if it is!!!
The SPDR Gold Trust ETF (GLD) closed at $125.33 on Friday, down $-0.13 (-0.10%). Year-to-date, GLD has gained 1.36%, versus a 2.46% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Kimble Charting Solutions.