According To The Latest Propaganda
It has to be this way.
As counter-intuitive as it sounds, for there to be a significant downside reversal in gold (GLD), the vast majority if not nearly all traders, speculators, and investors need to be on the wrong side of the trade.
The daily chart of gold proxy GLD, shows the potential target area for reversal.
This area has been a reversal target for months … since mid-September.
Working the markets in this way, that is, identifying a potential future condition for trend change, allows one to think about how it’s all going to go down.
Of course, consistent, incessant, propaganda along with bullish (asylum) hysteria is a must. 🙂
Just to be fair, sometimes and on a rare occasion, the crowd is right.
With that in mind, we’ll have to see how GLD price action behaves if/when it breaks through resistance.
Charts by StockCharts
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
The Danger Point®, trade mark: No. 6,505,279