by Tekoa Da Silva, Bull Market Thinking:
Following another month of choppy price action in gold, the metal was driven down this week in response to a trivial $10B taper announced by the U.S. Fed. General equities ironically surged to new all-time highs, yet again.
In weekend commentary, technical gold trader Gary Savage noted that the U.S. equities market initially started to collapse following the announcement, but likely due to market interventions, quickly surged upwards, maintaining the “status quo” of the marketplace over the last year.
When asked about gold and mining equities during an interview this week, Gary noted that we appear to be winding down into a “final bear market bottom”, which may occur over the next 2-3 weeks, punctuated by a retest of the “2007 c-wave top at $1030.” That potential retest according to Gary, “[Is] the point where I think every short will cover, and that’s where you could probably get a bottom for this bear market.”
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