Today gold printed a new hist’ high of $4319.62, as this week has seen an acceleration in the upward trend, partly due to a geo-political fear bid.
It should be clear that gold is telling us that something serious is broken within the US/global financial system.
Oh, and yes, every dollar higher increases the probability of a s/t ceiling, a fierce snap lower, with a multi-week cooling wave. It should be noted however, the most recent two cooling waves have just been sideways chop… aka bullish consolidation, than an actual drop in price.
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The gold miners have appropriately been following gold (and silver) upward…
GDX, monthly
Today saw GDX printing a new hist’ high of $85.08.
Monthly RSI 87s… is the highest… ever.