Final “Thud” In Gold To $1,190 Level Coming! Here’s Why
In spite of the June 2014 pop [I expect to see]…a dip to below the $1190/oz level at some point between now and the end of the month. Here’s why.
The above introductory comments are edited excerpts from an article* by Tom McClellan (mcoscillator.com) entitled Fishing Around For a Gold Cycle Bottom.
McClellan goes on to say in further edited excerpts:
[My]…expectation comes from the fact that we have had “left translation” in this current cycle, meaning that the price top before the December 2013 mid-cycle low was above the price top after that mid-cycle low. Whenever left translation occurs, the expectation is that the price of gold will dip below the level seen at the mid-cycle low when the major cycle bottom arrives.
Late Blowoff Expected
There is another feature of some of these cycles which I believe is making an appearance this time, and that is the tendency to see a late blowoff move just ahead of the final cycle low. The blue arrows in the chart below highlight some examples of this behavior, and it is not just a recent phenomenon.
Here is a look back further in time, to show that this tendency for a late blowoff has been with us for a long time.
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