I just read from someone that he believes that the daily cycle for gold
is finished today or tomorrow. He called it a Shallow DCL....UMMM NO. The divergences have not resolved themselves yet. And we should at least pull back to the 50 DMA for a healthy DCL. This is a half cycle that we are currently in and it is my opinion that the weight of the possible rate hike on February 1st will continue to drag gold
down possibly until the decision day just like the last two times. We could do a very small one day move up but we still have room to go down in my opinion.
As far as miners go. I think we have just started the pullback for miners ( JNUG
) DCL low which should normally end around the 26th or 27th. But this Rate hike date may also stretch the pullback until the day of as well just like before. I do think JNUG
will pop briefly right after Feb 1st. I will post my chart as to what I THINK will happen in the coming week(s).
Lets also not forget about the DOW breaking 20,000 and the Japanease Yen. So this week is important. WE shall see who is correct. Just have your stops in place which ever way you lean.