Only a few days ago, I did a post called Some Little Guys which pointed out some alt-coins that seemed poised, from this chartist’s point of view, for growth. Well, zippy-dee-doo-da, there they go:
Of course, this is all aided by BTC continuing to make lifetime highs:
So if there’s a huge “flight to safety” going on, gold must be $3,000 an ounce, right? Well, nope. As has been the case for months now, gold is just sucking wind.
Driven this morning by the ascent of the US dollar, on the heels of the runoff election:
Looking at GLD from a longer-term basis, we seem to have burned off the big boost we saw on Monday and Tuesday. Keep in mind the red trendline used to be resistance, but now it is support. This suggests that gold might be getting closer to a decent buy point, although, let’s face it, crypto has blown the hubcaps off this thing.