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Gold Is Setting up for a Move

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Source: Barry Dawes 02/23/2024

Barry Dawes of Martin Place Securities takes a look at the current state of the gold market and where he believes it is headed.

Gold is setting up for a move very soon

Technicals at key pressure points

NST is a global leader.

Key Points

Gold

  • Getting ready to move higher
  • Technicals tight
  • Look at all of the time scales
  • AU$ gold looking to rise
  • Gold vs. T Bonds is about to rise

Gold Stocks

  • XAU could jump higher this week.
  • TSX-V is wedging and about to break the downtrend

ASX Gold Stocks

  • XGD Index holding on
  • NST earnings
  • 41% increase in EBITDA!
  • 50% increase in Cash Earnings!
  • 36% increase in interim dividend

Gold stock investors and speculators have been ground into a pulp over the past few years, but there is still hope for a better future.

Many technicals are suggesting a breakout is at hand. And it still could be February.

Asia will be back from Spring Festival in full for next week. Gold here is quiet.

But Gold here has jumped above the downtrend.

Looks constructive.

Note that there is a wedge here that should be broken quite soon.

Hopefully higher.

This just gets closer to resolution each day.

And the big picture just says higher prices are coming.

Gold is ready to break higher against bonds.

Can’t be much longer to go now.

Stronger gold or weaker bonds?

Stronger gold and strong bonds.

Gold in AU$ has broken and has backtested the downtrend.

Should start moving up again.

Gold Stocks

This is oversold, pushing against a downtrend, bouncing off the underlying parabola, and ready to rise.

This shows that a resolution is required.

Gold stock sentiment is close to a bottom.

I think there was capitulation in the past week.

Should be ready to rally soon now.

Note this, though. A16-year bear market here.

Supporting on downtrend line and ready to break through wedge. Completing that RHS.

A very bullish pattern.

ASX Gold Stocks

The indeck is hanging on.

And then there is one!

Global Leader Northern Star Resources Ltd. (NESRF:OTCMKTS)

41% increase in EBITDA!

50% increase in Cash Earnings!

36% increase in interim dividend!

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Source: https://www.streetwisereports.com/article/2024/02/23/gold-is-setting-up-for-a-move.html


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    • huge_juan

      If gold is setting up for a record increase then that means the dollar is setting up for a record crash.

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