Jason Goepfert

9-18-2020 at 5:32 pm

Daily Report : Gold's triangle pattern will be key tell for miners; Thirst for IPOs remains unquenched

Over the past 30 days, gold has not made a 30-day high OR a 30-day low. It's just kind of sat there, forming a consolidation 'triangle pattern' after setting new highs in August. Prior triangles typically resolved to the upside, but the next couple of weeks proved key. This is a big tell for miners, which are also consolidating after one of the most overbought readings in decades.; Investors' receptions to IPOs have not diminished lately; they've picked up if anything. The immediate success of the Snowflake offering caused the number of IPO "run-ups" to reach a dozen, the most in 20 years. Other metrics show only 1999-2000 as a comparison, as unlikely as it would be to see a repeat of the aftermath.

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