I have three large, long positions, and I’d like to share the medium-term and long-term view of each.
The first, gold, completed its right triangle continuation pattern, and I’m pretty excited about where precious metals are going to go next week.
The longer term view shows this is just another stair step higher. I can easily see $4,000 gold next year.
Medium-term bond fund IEF looks at the cusp of a breakout. My hunch is that the jobs report Friday morning will cause rates to crater, since it’ll be clear the economy is puking all over itself and Powell will have to deep-throat Trump’s desire to slash rates.
You can see how, historically, this has played out. This pattern is MUCH bigger and cleaner, however.
Lastly, the forgotten metal, palladium, is gearing up nicely within a monster pattern. Of these three, I believe this has by far the best percentage potential.
Once again, you can see how the basing pattern has worked out before and, this time, the pattern is even more substantive.
