Thread by @DawesPoints

1/7
Gold is moving up to test all time highs around US$2089 (basis futures).

The mover higher has been steady so far but should become very active once new highs are achieved.

A Wave 3 is in play and short covering should add zip.

A US$100 intraday move soon?

#gold $XAU $GDX

2/7
Breaking to new highs should bring about an out-of-the-box move.

Over 40 months in this box so the compression pressure should be very high.

Targets are over US$2500.

Should get that US$100 intraday move soon.

#gold $XAU $GDX

3/7
The long term outlook for gold looks very robust indeed.

That `box' is just a small step in this long journey to a new gold standard.

Gold is being reassessed before it is being revalued.

And revalued much higher.

Expecting over US$3300.

#Gold $XAU $GDX

4/7
Gold is helping gold stocks.

XAU has broken out of a downward sloping wedge and is on its way to test 2022 highs at ~170.

The move should be rapid and will be following gold higher.

#Gold $XAU $GDX

5/7
After reaching 2022 highs ~170 the XAU should be heading 35% higher to previous peaks ~230.

And more beyond.

#gold $XAU $GDX

6/7
Gold stocks have had a VERY long term decline against US$gold due to rising unit costs as input costs rise & mill head grades decline with ever lower ore grades.

2022's decline was horrible with costs up but margins are up with higher gold moves easing costs pressures.
#gold

7/7
This long term decline is now reversing and should provide substantial outperformance by gold stocks.

$XAU #Gold $GDX