Yesterday's Very Bullish +1.16% Vs The XAU NEM Lead Indicator
Correctly portended substantial strength today. The NEM Lead Indicator is a bearish -0.75% vs the XAU right now. ......... http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
9:16 AM
2 Comments:
Betts, a nasty multi week correction is likely whether HUI/XAU take out their 4-19 cycle highs or not. The NEM Lead Indicator is extremely bearish, the USD is plunging/in a Wave C and is due to bottom soon, there's been a lot of NEM sell interest at I Watch in recent weeks, and Elliot Wave suggests that Wave 5 has or is occurring for HUI/NEM/XAU.
By
Joe Ferrazzano, at 11:07 AM
Garry, gold and the USD had a positive correlation last year until the USD hit a major int term cycle high in mid November. They trended up in tandem most of last year until mid November. So, the fact that the USD should bounce sharply the next few weeks points to substantial gold weakness, and, gold has had a dramatic spike move/monthly upcycle along with gold/silver stocks.
By
Joe Ferrazzano, at 12:40 PM
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