now i recognize gold is up 8+ as i write this
hourly divergences have appeared on gld and the mining indexes, which is normal, those who sell into those divergences ,may have to chase. sometimes the divergences occur only to be taken out by more upside action.
so far this move is stealth, all the advisers who have been recommending shorts are now trapped. the move largely goes unnoticed, w/negative sentiment(i have no doubt that the sentiment is improving) .
the thing w/the gold community is they buy strength and then on any weakness they rush to sell. this situation w/the bottom in dec , then tested again in may gave the perfect buying opportunity , buying against the december lows. chasing is not the road to riches , its the way to become fodder
dharma
First, Dharma..go to bed..LOL!
gdx has closed above its 50 ma on the monthly...
totally agree with you on this...this is not the time to swing if this is the 4 .25 low..of course, we wont know that till hindsight...over 1800 would give us that message..however do you wait? or accumulate on weakness...a major low is either in place now or will be soon..my gut says its in..because it's obvious they will do anything they need to do to keep from deflation..print, baby, print!...That said, I'm sure we will have some shakin and bakin before we really start the big rally. Miners are telling the story imo...I'm getting more alerts that relative strength is on demand with the miners..this cuts out the noise..pnf...our next cycle number is our 1681..sq 41..over that comfortably..then 1700+...one step at a time..but it's linining up on the monthlies ..welcome to Mars in Scorpio..Aug 23-Oct 5th..favorable period for pms..it's buy on dip time if you haven't already imo
TM