As I pointed out in my post "Gold Technical Update", before gold got to this $1800 level, Jim Sinclair had been predicting a major "swing point" for the gold bull market when it got to $1764 by his exotic squares math, which I don't really understand. But he tends to get it right, and he was saying that gold would encounter a more intense price action at this level. This was to involve some severe push-back, a pitched battle - one of the biggest in the whole bull climb- before a more powerful up phase takes over.
Well, what has transpired?
His silly prediction, based on nothing but math, seems to be happening as usual. When gold jumped the predictable channel it has been in for 3 years at about $1700, it went right to work on the swing point. It doesn't seem to want to spend much time either above or below $1764 nowadays. And the trading has intensified to a less tranquil pattern. If this is to be one of the big battles, we should expect a few more dips below $1764, more prime buying points for new positions.
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