Are we having fun yet? There is quite a bit of fun here StateSide today as we celebrate our having completed 239 years of Independence, (to the chagrin of those amongst our nation's riffraff who try to wrest it away from us). However for Gold, rather than having had fun, 'tis been an ever-so excruciating run (or lack thereof) thus far in 2015, let alone over the last few years.
Given all that we've herein detailed week-in and week-out, whether 'tis been on currency debasings, catastrophic debt loads, countries' dilemmas both fiscally and politically, if not geo-politically -- just to name a few of the positives out there for Gold -- the Precious Metals' inability of late to materially go anywhere, let alone aggressively higher, borders on being bizarre, indeed unscriptably so. 'Tis beyond baffling, to wit our analogizing a week ago that Gold is covered beneath a nailed-to-the-ground tarpaulin. Price has become sufficiently compressed such that 'tis if some giant entity has wrapped its mammoth arms around the entirety of the Gold trade and is saying "Nope, you can't touch it, so get outta here and go play 'Pretend Wealth' with your worthless paper!" In a world evermore whacked, Gold these days ought be well-jacked, rather than covertly cracked.
And cracked this past week was Gold's parabolic Long trend. Here at mid-year with 26 trading weeks in the books, (this from the "You Gotta Be Kiddin' Me Dept."), Gold has been in a weekly parabolic Long trend for 13 of them, and as well in a weekly parabolic Short trend for the other 13 of them, but hardly does it "feel" equally so, non? Further, because the chart of Gold's weekly bars spans a full 52 weeks (one year) -- and as we now see with a fresh new rightmost red dot heralding the beginning of another parabolic Short trend -- clearly the periodicity of the red dots across the chart is greater than that of the blue dots. And through it all, the tilt of the dashed line (linear regression trend) is down:
