Gold investors are jumping on the gold bandwagon as they think it will protect them from the savage stock market gyrations. Short term it will work but long term investors know that gold can reverse with little warning. I think there is more upside as a 5 wave sequence in Minor degree seems to have started.
Many may think that the gold bottom of late 2015 ($1050) is a major bottom but in Primary degree. We are not in a Cycle degree bullish phase so eventually, I will turn very bearish.
I have seen some EWI gold wave counts a few months back and we have the same “A” wave bottom in Primary degree.
This is very rare but they have a huge following reading their newsletters and when EWI turns bearish all of their subscribers will know it.
I’m still very bullish on gold and it may last all year or until stocks have crashed significantly. For now, this gold bullish phase should continue, so enjoy it as all trends eventually come to an end.