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Tim Knight Says Gold Could Drop to $3,000. Here Is What the Charts Show
NowPress play to follow along0:00 / 16:17
Chapters12 segments · tap to seek
ticker lesson
Breakdown
0:00lesson
Market Structure and Weekend Trading
- Friday holiday → shortened week
- War narrative → gold not rising
- Weekend war cycles
- No weekend trading
2:02GLD· ticker
Gold — below support trend line
- GLD below support trend line
- Right triangle pattern broken
- Support at 3,000 likely
- Miners bearish
4:12XME· ticker
XME — bearish pattern
- XME in bearish pattern
- Resumed downtrend
- Same levels as late last year
- Not bottoming
6:30BITI· ticker
BITI — awaiting breakout
- BITI short position
- Inverted head and shoulders
- Breakout from 60k needed
- Skittish beast
8:41STRC· ticker
STRC — 13% bounce
- STRC up 13%
- Yield bumped to 12%
- Cash raising for Bitcoin
- Helping MSTR recover
10:39MSTR· ticker
MSTR — 12.1% bounce
- MSTR up 12.1%
- Next resistance at orange line
- Head and shoulders top above
- Failure of neckline key
12:57ENQ· ticker
NQ — gap resistance test
- NQ up 2.44%
- Gap resistance between Monday-Tuesday
- 700+ point reversal
- Still grinding in range
15:01SMH· ticker
SMH — semiconductor strength
- SMH up 3.3%
- Lowest since June 11
- Micron bottomed quickly
- Gap resistance key
15:02Micron· ticker
Micron — crack in uptrend
- Micron down 70-80 bucks
- Crack in uptrend this morning
- Not deeply penetrated
- Still near lifetime high
15:03AMAT· ticker
AMAT — relentless rally
- AMAT up 11.3%
- Approaching 700 level
- Double digit gain
- Relentless rally
15:04SpaceX· ticker
SpaceX — 7.4% rally
- SpaceX up 7.4%
- Stability in 150s
- First honest rally since dip
- Undoing Shortland damage
15:05IWM· ticker
IWM — steady uptrend
- IWM near lifetime highs
- Ascending channel since March
- Consolidation since June 3
- Gap resistance key
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