Is gold headed for a new Stage 2 bull market, or is more sideways consolidation more likely? In this video I go over the gold market from a Stage Analysis perspective and discuss the likelihood of both scenarios, and how specific action in the charts would change my view.
Last week I had another great opportunity to interview with Jeremy Wiseman at The Real Money Show. In this interview we went over gold’s Stage 2 breakout earlier this year and the pullback in gold since August. We also went more in-depth into Stage Analysis which readers might find interesting.
Since the interview, gold has continued to pullback below the 30-week moving average and looks like it could transition into Stage 4 with further weakness. I would attribute this failure to the breakout currently occurring in the U.S. dollar, and would expect gold to remain under pressure until the U.S. dollar stops rallying.