061/18 The Midas Touch Gold Model™ – Update 24th of June 2018

The Midas Touch Gold Model™ continues just neutral!

The Midas Touch Gold Model™ as of June 24th, 2018

The Midas Touch Gold Model™ as of June 24th, 2018

Again the Midas Touch Gold Model™ concludes this week with a neutral conclusion. Yet gold did move all the way down to 1,261 USD but posted a little reversal on Thursday. This could be the beginning of a turnaround. We will have to see how the next week unfolds.

For the last week there are three new bearish signals that are coming from:

  1. Gold in $, €, £ and ¥
  2. Gold in Indian Rupee
  3. GDX Daily Chart

In total, our Midas Touch Gold Model™ is already in neutral mode since end of May and actually most of the time since end of January too. But gold and precious metals seem to be very close to their bottom here. We might have even seen the low last Thursday at 1,261 USD. In any case, I think its time to get really bullish and start buying into gold, silver, platinum and selected mining stocks. I sense that there is quite some panic, disbelief and simply disinterest out there right now. I haven’t met any bullish gold guy over the last couple of days. Instead, all I can see is hesitation in the best case. A close above 1,294 USD will be the first confirmation, that the lows indeed are in. For the next two weeks seasonality isn’t favorable just yet. So we could still see gold testing the uptrend line around 1,250 USD.

By | 2018-06-24T23:35:49+00:00 June 24th, 2018|Tags: , , , |0 Comments

About the Author:

Florian Grummes is an independent financial analyst, advisor, consultant, trader & investor as well as an international speaker with more than 20 years of experience in financial markets. He is specialized in precious metals, cryptocurrencies and technical analysis. He writes a bi-weekly in-depth gold and silver analysis for one of Germany´s largest gold and silver retailer the „pro aurum“ group. As well he is publishing a bi-weekly comprehensive gold & bitcoin analysis for his numerous international readers. He is well known for combining technical, fundamental and sentiment analysis into one accurate conclusion about the gold market.

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