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Precious Metals Update

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

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#21 fib_1618

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Posted 08 October 2016 - 11:10 AM

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.

 

 Downside objective now met...PM BPI now "oversold".

 

Fib

 

goldbpi.png


Edited by fib_1618, 08 October 2016 - 11:10 AM.

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#22 dougie

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Posted 08 October 2016 - 02:26 PM

Thanks Fib
Will that be enough?
Imo if 1240 doesnt hold watch out

#23 fib_1618

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Posted 09 October 2016 - 01:37 PM

Thanks Fib
Will that be enough?
Imo if 1240 doesnt hold watch out

 

There's enough downside momentum now to challenge the June lows at $1210.

 

Current MCSUM number is at -1063.

 

Fib


Better to ignore me than abhor me.

“Wise men don't need advice. Fools won't take it” - Benjamin Franklin

 

"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw

 

Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.

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#24 senorBS

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Posted 09 October 2016 - 06:06 PM

 

Thanks Fib
Will that be enough?
Imo if 1240 doesnt hold watch out

 

There's enough downside momentum now to challenge the June lows at $1210.

 

Current MCSUM number is at -1063.

 

Fib

 

yeah, 1210 area makes a lot of sense to me at this point in time

 

BSing away

 

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#25 dougie

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Posted 10 October 2016 - 01:09 AM

Might miners reverse well north of gold?

#26 senorBS

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Posted 10 October 2016 - 08:15 AM

Might miners reverse well north of gold?

maybe and depends what you mean by "well north"? If and I stress "if" gold did decline to 1210 area that is another 4-5% from current 1260 level, I'd think miners would likely decline another 4-8%, perhaps starting to hold up better on a relative basis. And while I think we could bottom at any time here I do not think this is going to be a V bottom so for me there is no hurry. If we had a further washout this week I'd likely start accumulating, if I see some positive short term action I am more than willing to buy for a trade (or more).  I am usually "early" so tryin to be patient

 

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#27 dougie

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Posted 10 October 2016 - 11:57 AM

I favor another low but a strong move up first
Maybe strong enough that we all think the low is in





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