{"id":2345,"date":"2023-10-28T05:42:51","date_gmt":"2023-10-28T05:42:51","guid":{"rendered":"https:\/\/prendergast.net\/?p=2345"},"modified":"2023-10-28T05:42:51","modified_gmt":"2023-10-28T05:42:51","slug":"gold-bulls-on-parade-sampp-setup-for-a-black-monday","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2345","title":{"rendered":"Gold bulls on parade SampP setup for a black Monday?"},"content":{"rendered":"
<\/div>\n

Gold bulls on parade, S&P setup for a black Monday?<\/strong><\/span><\/h1>\n

Monday, I wrote that my base case for the S&P is that prices are headed to the 200-week average. The breach of the trendline is turning out to be significant; we can’t tell the future, but we can let the trendline be a guide.<\/p>\n

\"\"<\/p>\n

Even now, prior to prices getting to the 200-week moving average (if they even do), I am anticipating the flip to the long side. My feeling is that time will coincide with despondent sentiment. But I don’t think we are there yet, and the last few days of panic can be brutal (as gold bugs may know).<\/p>\n

\"\"<\/p>\n

Beyond the bullish stance I have maintained on stacking gold, on Tuesday, I suggested a trade to short Bitcoin and long gold, citing the XAU\/BTC ratio as a basis; that trade is playing out. As I write, gold is hitting the 2k spot, up $35+ from Tuesday morning. Below is a 2-hour chart; regular readers should be more than familiar with triangles breaking to the upside…<\/p>\n

\"\"<\/p>\n

Bitcoin trades around $33,500 right now, down from $35,000 Tuesday morning. Still, as I also wrote Tuesday, I remain bullish on Bitcoin in the longer term and would be looking to close the short and add to a stack at around 31800, still as the base case.<\/p>\n

By<\/p>\n

Jonathan Da Silva<\/p>\n

Contributing to kitco.com<\/p>\n

Time to Buy Gold and Silver<\/a><\/u><\/span><\/span><\/span><\/p>\n

<\/p>\n

Tim Moseley<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold bulls on parade, S&P setup for a black Monday? Monday, I wrote that my base case for the S&P is that prices are headed to the 200-week average. The breach of the trendline is turning out to be significant; we can’t tell the future, but we can let the trendline be a guide. Even … Continue reading Gold bulls on parade SampP setup for a black Monday?<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[290,291],"_links":{"self":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2345"}],"collection":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2345"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2345\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}