Are the flickers of Golden light hidden from view by the Bears
the ol sayings goes....
One sparrow doesn't make a summer
All great things have small beginnings.
who do you believe..
Well its now 2 sparrows I've seen in the last 3 days...still a coincidence??
Since my post ...I've dredged the internet media and found nothing much regarding the uptick of Gold's Coppock indicator [see my chart 24th March (3 days ago)] Not surprising....as the herd is currently pessimistic and fretting over this current short term weakness stuff...
I charted the gold chart today using a shorter term daily period (my previous chart was in a rarely used month period) ...OK....the short term looks threatening and to make things look worse the gold price has no support and resistance lines around the 1300 apart from the obvious psychological one....so its possible it will fall to where there are supports 1250 maybe?
.....However....
In amongst the weakness on the chart is a rare Golden Cross which confirmed itself yesterday (25th March)...This has been documented in the back pages of the internet media away from the deafening bear noises these last couple of days as various gold exchanges have one by one experienced this rare phenomenon ..
...although I think some writers get carried away with enthusiasm when it comes to Golden Crosses (when the 50 day Moving Average crosses above the 200 day Moving Average) they all think its bullish and the market will instantly take off upwards from here...unfortunately it isn't the case, it is the start of a bull /bear fight..When a golden cross appears after a long period of a bear downtrend it is a bullish sign that a few buyers are gaining interest once again..that's good news, the bad news is it will take time for the majority of the bearish herd to realise that a cyclic change is actually happening...how long??..who knows depends on the amount of crosses (death and golden) to come..but for the quick footed and the more risk takers 1200 is looking like a cyclic bottom and getting in on this current weakness is a blessing in disguise as it is offering a second chance to get in close to the bottom...
What happens if against the odds happens and it ends up being a trap and 1200 isn't the bottom ...the quick footed investor will get stopped out for a small loss and wait for the next round bullish signals to appear..simple.
DISC:...I have gold related stocks (hold/accumulating)
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