The yellow metal is working on a base. It is not done yet, maybe a few more months before the sellers are all done.
Previous metal post: Silver starting to work with the major cycle
The 116 period cycle has worked well (mostly) since Oct 2009. It now suggest gold is due for a pullback that may form a double bottom (the bulls hope). If gold does pullback it will be with the family of risk assets (stocks, commodity currencies, bonds), if the pullback is gentle then this would be very bullish.
The Wyckoff mindset requires that a base (ie CAUSE) be formed before a new rally can occur, and the cycle below suggest that there is every chance of this.
Main post here at readtheticker.com
..“The market always tells you what to do. It tells you: Get in. Get out. Move your stop. Close out. Stay neutral. Wait for a better chance. All these things the market is continually impressing upon you, and you must get into the frame of mind where you are in reality taking your orders from the action of the market itself — from the tape.”…
Richard D. Wyckoff
..”Money can’t buy you happiness but it does bring you a more pleasant form of misery”..