From the final week of 2016 through the first three of 2017, Gold has strung together four consecutive winning weeks, the three for this year as charted in the above newly attached panel to the Gold Scoreboard. Therein, we can instantly see Gold is better positioned now than ’twas three weeks into last year.
Yet, one might opine that four consecutive up weeks augurs for a price pullback. Albeit contextually, through the 838 weeks of this Third Millennium-to-date, Gold has recorded mutually-exclusive up streaks of five weeks (11 times), six weeks (4 times), seven weeks (4 times), eight weeks (1 time), nine weeks (1 time), and yes, twelve weeks (1 time), that latter run during 2007 from 20 August through 09 November.
Moreover, even were Gold to pull back a bit through here, that’s just fine: there is “room” to so do in the construct of moving higher still, for as anticipated, the parabolic trend by the weekly bars has just flipped from Short to Long per the rightmost blue dot, price settling out the week yesterday (Friday) at 1210:
To be sure, the parabolic analytic, as are all measures technical, is arbitrary subject to the mathematical parameters used to create it. And as a veteran trading colleague penned toward the end of last year, projected trading outcomes are without certainty, their success instead being based on probability, (’round which the website’s Market Rhythms page is based). So with respect to last week’s missive “Gold Seeking 1240 on this Up Run”, and given the occasional question we receive on the duration of Gold’s weekly parabolic trends, we ran the following data exercise.
Since Gold’s All-Time High of 1923 (06 September 2011), price’s broad trend obviously has been down, (280 weeks having since passed). Therein, there’ve been 12 weekly parabolic Short trends, the 12th weekly parabolic Long trend just now having begun. This table is specific to Gold’s prior 11 weekly parabolic Long trends, showing their duration and maximum gains en route:
