Gold Intraday Gyrations Update

 

From the tail end of October, golds attempt at a rally is not inspiring to say the least. As choppy as it has been, does not mean gold can’t rally as diagonals can start just like this and start to soar.  Until gold soars and clears my 4th wave top, by a wide margin, this bearish rally can resume another leg down even though it could be very short in length.  If gold grinds higher and then creates a 4th wave double top, it can also be just a bearish rally.  This could take all of November before we know more what gold wants to do in the near term. 

Silver is more impulsive looking so in that respect silver has more energy than gold. Silver and gold don’t always follow each other exactly, so many times they don’t confirm each other at all.  This is nothing new as silver is one of the most diagonal markets you will ever run across. Actually, most commodities are diagonal markets with Live Cattle, Cotton, Lumber, Crude Oil, T-Bonds and the VIX. I’m sure the list is bigger. 

Short term gold is undecided in which way it wants to go, and no amount of wishing and hoping will make it go any sooner.  

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