Just take a look at the longer term chart of gold. A thing of beauty!, is it not!?
|long term chart of gold|
This long term chart of gold goes back about 12 years or so. When you view the chart of gold now it is easy to say, oh yeah I saw this coming! But when you have your own money in the market, and your emotions in check, its a whole different ball game.
Gold has done particularly well over the last decade as you can see above. But I know for sure alot of people have made their fortunes and others lost their money and the shirts off their back trying to trade gold.
That is why, we like to think of ourselves as helping you see a clearer picture of what is really happening out there - VIP MEMBERSHIP!
Its a sess pool in gold at the moment, a manipulated environment where the little guys swimming in the tank are consumed with fear or greed. I could go on all day, about how manipulated the price of gold and metals are, but Fear and greed is what really killed traders especially over the last 12 or so months.
Gold has been down now for 4 weeks, and it has many investors asking is this the bottom, or are we just taking a rest before a bigger crash down? The bulls and bears are really fighting it out. So far the last few weeks, the bears have clearly been winning. Normally each and every year we do see one good sized correction in gold, so this looks to be it.
The long term chart of gold is clearly in an uptrend. When you bring up any chart and you see the price go from the bottom left to the top right, that is clearly in a bull market. But what the hard core bulls do not realize is that even in the most bullish of markets, prices never go up in a straight line. They need time to cool off, and take five before more runs to new highs.
If you look at the RSI on the long term chart of gold, you can see really how oversold things are. Now this does not mean gold will simply jump up and rally hard tomorrow but I will warn you that because longer term we are in a nice bullish run, prices will find a bottom and rally up harder than they have in the last few years.
As many of our readers know I always say, the "news ALWAYS comes out in the chart first", no matter what you think, so this is suggesting, there is some big news in the works for gold soon, I do not know what it will be, or when it is coming, but mark my words boys and girls its coming soon, so keep your eyes peeled
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