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Precious Metals Update

XAU/Yahoo A/D line pm breadth advance/decline line gold stocks

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#1 fib_1618

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Posted 02 October 2016 - 03:42 PM

After seeing an obligatory snapback toward the previous rising trendline at the beginning of September, this month's update continues to show cumulative money flow weakness as the XAU/Yahoo advance/decline line is now at its lowest levels since June 27th. More importantly, the price of gold itself finally succumbed to this negative money flow leadership by breaking below its rising bottoms line this past week. Because of this, let's continue to look for further weakness in the price of gold for the next several weeks, with a minimal downside price objective in or around the Brexit lows of $1265.

 

Fib

 

xauyahoo093016.png


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#2 dougie

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Posted 02 October 2016 - 04:10 PM

Nice, thanks Fib 



#3 dougie

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Posted 02 October 2016 - 04:10 PM

c down to finish this: perhaps a DEEP C?

 



#4 senorBS

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Posted 02 October 2016 - 05:01 PM

After seeing an obligatory snapback toward the previous rising trendline at the beginning of September, this month's update continues to show cumulative money flow weakness as the XAU/Yahoo advance/decline line is now at its lowest levels since June 27th. More importantly, the price of gold itself finally succumbed to this negative money flow leadership by breaking below its rising bottoms line this past week. Because of this, let's continue to look for further weakness in the price of gold for the next several weeks, with a minimal downside price objective in or around the Brexit lows of $1265.

 

Fib

 

xauyahoo093016.png

bueno work fib and a C wave down here does appear likely in gold and some of the gold stock indices look like possible large "b" wave contracting triangles with "c" wave thrusts lower ready to accelerate lower. This eventually could lead to some great buys but how low this C wave might carry is the key Q. Could always be wrong but we should see lower very quickly IMO if the bearish scenario is correct.

 

BSing away

 

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#5 dougie

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Posted 02 October 2016 - 05:21 PM

yep, i would not be surprised to see an up day monday though



#6 gannman

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Posted 02 October 2016 - 05:39 PM

thanks fib good stuff as always. i expect a low in the sector tomorrow. confirmation would be the hui trading about 260 would say we have started wave iii up. we will see


feeling mellow with the yellow metal


#7 AChartist

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Posted 02 October 2016 - 10:06 PM

it would not take much to make an inversion up as I saw that intra-week attempted two

 

weeks ago. Tough call trying to hold onto my positive bias. Not relative to my physical but

 

do I need some options to hedge stocks and etf we'll see tomorrow I tend to believe tomorrow

 

sets the bias for the month. A good chance a really strong thrust day can invert it to up particularly above

 

last swing high.

 

I'm not practiced in fibs breadth methods but in a wave 2 oversold momentum

 

with a higher price low can be a good reversal up too.


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#8 senorBS

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Posted 04 October 2016 - 07:40 AM

gold just broke hard below 1300, "if" we are doing a double zigzag correction from the 1375 July high then 1280 area is where the two zigzags would be equal - that's my first key area to watch 

 

Pure BS

 

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#9 stubaby

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Posted 04 October 2016 - 08:04 AM

gold just broke hard below 1300, "if" we are doing a double zigzag correction from the 1375 July high then 1280 area is where the two zigzags would be equal - that's my first key area to watch 

 

Pure BS

 

Senor

Thanks SenorBS - appreciate your inputs



#10 senorBS

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Posted 04 October 2016 - 10:06 AM

1281.50 low so far and on this leg down from 1340 area this does look like the 3rd wave of that drop so I have to assume lower prices for now and no immediate low likely. 







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