Gold Is Still Holding On
Barry Dawes of Martin Place Securities shares his thoughts on the current state of the gold market and where he believes it is headed.
Gold is still holding on, but sentiment is very poor.
Will it hold above US$2000 for another monthly close in February?
Keypoints
Gold
Another monthly close above US$2000 would be very positiveMarket sentiment is very poorBulls giving upGold Stocks
XAU at a critical levelGold stocks vs gold at major long-term supportCurrencies
US$ still holding onSwiss Franc about to crack?Bonds
Yields still likely to head lowerStocks
S&P 500 overextended but not negativeSilver vs. S&P 500Metals and Mining
Metals and Mining ETF is looking very positiveIt seems the warmongers are thinking of heading into Ukraine and also using F15s to hit targets inside Russia.
Stupidity.
But it could be the issue that sends gold through this consolidation phase and much higher.
The Euro, Pound, and Swiss France are teetering on technicals that might see sharp falls and might be suggesting Eurosuicide.
Gold is here, holding within a narrow range.
And this looks constructive.
Gold Stocks
The XAU here is at a critical level.
A very strong 2-month downtrend could be broken in the next couple of days.
And this is certainly at an extreme.
Hard to believe gold is near all-time highs, and the market sentiment is so poor.
ASX Gold Stocks
The XGD has broken the uptrend, but it is still filling out the RHS.
Gold in AU$ is still heading parabolically higher.
And in Yuan.
Currencies
Swiss Franc looking to crack lower here.
Stocks
Is it time now?
Bonds
Yields heading lower.
Metals and Mining
Looking constructive.
Heed the markets, not the commentators.
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