Gold Bogged Down In The Bus Station

Longtime readers of The Gold Update know of which that title is analogous. ‘Tis Chris Issak’s in concert description about a girl standing in a Greyhound bus station: she has dirty blonde hair, is wearing a taupe miniskirt, white boots and has next to her a small overnight case: 

“Goin’ Nowhere”

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Indeed we need only above glance at the Gold Scoreboard to see that price this year-to-date has tracked pretty much the same as last year, both by shape and level. One week ago, Gold was one point below where it had been the year before; now ’tis below even more, price settling Friday at 1270. 44 weeks have thus far passed during 2017: Gold has settled 17 of them inside of The Box (1280-1240). And for those of you scoring at home, through the first 44 weeks of 2016, Gold settled 12 of them inside The Box. Thus if you sense that the “monotony” of which we wrote a week ago is getting worse, you’re right.

And yet from the “Gold Pom-Pom Cheerleading Dept.”, (still chaired by yours truly), came a query last evening from a valued reader as to if there’s still time for a move by year-end. Our honest reply was “Of course. But should it continue to be ‘last year all over again’, said move shall be down.” Further as we saw a week ago, Gold’s weekly parabolic trend has flipped to Short. However, should this year’s history of Short trends repeat itself, as you can next see in the weekly bars chart, the prior two red dot stints have themselves been “short-lived” such that the support of The Box can again contain price from further careening:

Next let’s revisit Gold’s 300-day moving average. Remember throughout the millennium’s opening decade how valiantly the average supported price time-and-again? But as we below see across Gold’s daily settles following its All-Time Closing High of 1900 on 22 August 2011, that pretty much through 2015 the average became the barrier to any upside Gold progress. Then since the low close of 1050 on 17 December 2015, the average has become a centerpiece ’round which Gold has been oscillating: thus ’tis no surprise that the average (presently 1255) has been stuck in The Box during 2017 for 176 consecutive trading days … which 91% of the year-to-date: