The title of this post is much better than what I wanted to say, but I just wanted to whip up a decent comment cleaner before the trading day began. It has to do with the stock below, Valeant Pharmaceuticals.
I guess gold got tired of bitcoin having all the gains, as it busted above its small basing pattern and is resuming its rally (I’ve got small short positions in GDX and GDXJ which I suspect will be stopped out instantly at the open Thursday). I’ve pointed out the gap which I’ve mentioned before as a possible target for gold’s recovery. (I’m typing this about midnight EST).
I’m not even going to try to understand the logic, but well-encrypted 1s and 0s of imaginary currency have formed an astonishingly-clean basing pattern, suggesting much higher prices ahead.
Last night, gold did its “gain a lot, then lose some ground” routine, which seems to be a habit these days. The good news for those long gold (as I have been since the 15th) is that it managed to push its way past 1145. Hopefully, that level will offer a new level of support for the beleaguered metal.
Just astonishing – – and they just keep buying: