Gold Validating Surge To Record Highs
Following a long and tedious arm-wrestling decline, on October 9th GLD gapped up off lows struck a few days earlier on October 5th.
It was the signal we’ve been waiting for leading us to write for the Hit and Run October 10th morning report.
In the subsequent sessions we followed up with:
Blue Sky For Gold on October 20
Can Gold Jump $100 in a Single Day?
Since striking a low at 168.30 on October 5th, GLD has exploded quite literally to 186.36 in 16 sessions—18 points in 16 sessions.
The cluster of upside gaps in October reflect urgent buying
Some would like moar conversation on the Hit and Run Private Twitter Feed.
Rockets speak for themselves.
Speculation is observation, pure and experiential.
Whether we like it or not we’re in the pattern recognition business, not the indicator recognition business.
Most all indicators are descriptive not predictive.
The Square of 9 Wheel is predictive.
The last few hours on Friday were a fractal rocket of the prior 16 sessions.
The above daily shows GLD closed at a Cheetah pivot entry.
This is a pivot that defines where most of the topping action occurred versus the actual swing high.
It is a “cheater entry” for stocks coming out.
What now?
From the 2023 October 5th 168 low, 182 is 90 degrees up.
180 degrees up is 196.
168 and 196 “point to”/ vibrate off November 12th.
Notice that October 5th is 180 degrees straight across and opposite 150.
150.57 was the November 3rd, 2022 GLD low.
This time/ price synergy is one of the factors leading us to look for an explosive rally from early October mirroring the advance off the November 2022 low.
A similar move as the one off the November 2022 low would see GLD hit 200 within two months.
Given the momentum of the current liftoff either 200 will be seen much sooner than two months or GLD will achieve substantially higher prices before year end..
Let’s see what the Square of 9 Wheel has to say.
We already flagged the 196 level above.
Clearing and sustaining 196 opens the door to a full 360 degree move up from 168.
The early November 2022 low was 150.57.
Continuation targets 360 degrees up from 150.57.
In sum, GLD may pause here but momentum above the 186 key upside pivot this week and into mid-November to our initial upside projection on the Square of 9 Wheel will offer a lot of information as to GLD’s dynamics and structure going forward.
The Hit and Run Private Twitter Feed has posted upside gold projections for November.