I let my SKI site subscription expire (too quiet in recent months) so from now on I will only post in this space. Anyone who wants to reach me can do so through the comment section on this site or at branko.askovic.ale@gmail.com. Good luck to everyone.
USERX
USERX long indices
XGD.AX long indices
What do you think, bm. Think this will have some legs? Seems like a break out that is long overdue, to me.
ReplyDeleteHi dvto,
DeleteIndeed, it's a million-dollar question. COT positioning at present is where all tops since 2020 have been made but the momentum is still on gold's side. As I mentioned in my Friday blog, if we see a gap up over $2070 (which has occurred in Australia as I write this), and if we can sustain that level for a few days, it could indicate a breakout.
It's worth noting that gold stocks are lagging significantly and might have substantial catch-up potential before any correction takes place. If I had to make an educated guess, it seems we might witness a squeeze on shorts first, followed by the beginning of a correction, with the $2000 level potentially becoming a support point.
Keep a close eye on USERX at $10.28 for a breakout confirmation.
Cheers,
Branko
P.S. If you're still subscribing, please send my regards to the SKI forum.