Saturday, August 19, 5:02 am EST. I was running errands, maybe about mid-day, when I heard on the radio that gold was above $1,300 an oz. So, I determined to look in on it, and maybe step-up to the plate, when I returned home. By the time I did get home, the price had already been pushed back under $1,300, and I heard a very short time after that, that Steve Bannon was leaving the administration. I realized that the Trump factor, partly responsible for Thursday’s rise, was quickly fading, as I had surmised.
Then, with Barcelona, I know, too, that international terrorist incidents don’t play into the price of metals for long either, and since Thursday, there were terrorist stabbing incidents in Finland and Germany, and the Barcelona van driver was found and killed. By the time markets closed for this weekend… gold was back to $1,284, and silver back under $17. There had been a tremendous push against overhead resistance… it apparently bowed, but it did not break. This does not disappoint me at all.
I would love for a breakdown in price, a reset of the technical indicators… even a breaking of support, and a last flush-out of weak-handed shareholders, so as to put in the best tradable bottom possible, from which to launch a new bull rally effort. I’m looking into the near-term future, and I’m thinking that before year’s end, we may have a tremendous opportunity before us. I can wait, how ’bout you?