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Stand By Goldies... Major Move Imminent...


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#1 SemiBizz

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Posted 25 October 2016 - 09:45 PM

We have a large SLIP ZONE overhead now in the gold contract...

We could see a 30-40 point move to the upside any time now as long as this 1275 area holds...

Conversely now, if this is rejected... Gold can fall right back to 1252 area.

I don't expect sideways from here.

Yesterday's shake out in the miners and the contract is setting up a MAJOR MOVE.

 

Here is my take on gold going into Wednesday:

 

GOLD PUSHES MUCH HIGHER - CHALLENGES 1275 RESISTANCE - As we mentioned yesterday, we did see a modest reversal on stronger volume on Monday and that it turns out was a shakeout, so Tuesday we saw a solid advance, back to that 1275 resistance level  and after the COMEX close earlier in the day there was one attempt to push it higher that was rejected at 1277 and then we saw a pullback to 1274.  Now we already expressed to you that we did expect STRONG RESISTANCE now at 1275, and so far that's what we have.  Nevertheless, the price is holding in here just under resistance and as long as we hold around here we can expect another attempt.  We also stressed that we have a "slip zone" of unstable prices over head to 1310, so we don't expect stability here, hence no surprise to us the 1277 did not hold.  So we'll see, but we want everyone to be alert for a "shock" in the markets that would cause gold to EXPLODE 30-40 points higher to that 1310 level.  We could see a corresponding broader stock market under a lot of stress behind such a move.  We'll see if it develops this time or not. 
 

 

Attempt #2 is underway tonight.


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#2 Charvo

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Posted 26 October 2016 - 12:44 AM

When I look at the gold miners in 2015, I saw upsurges that happened around the times of downsurges in the broad market.  This happened at the beginning of 2015, around September 2015, and then the beginning of 2016.  I'm not seeing any extended turbulence at all in the stock market.  Things seem to be flatlined at least into the elections.



#3 SemiBizz

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Posted 26 October 2016 - 07:14 AM

Here's the daily chart posted a couple of weeks ago, you can clearly see that it rocketed higher on Brexit, and then finally when 1310 broke to the downside, it fell sharply to 1275 and deteriorated from there...  Given the fact that we have not seen a close in this price area from 1275-1310, we consider this price area as a "slip zone" of toxicity.  It does not want to trade there, it does not want to close there.  Now that can change, but hasn't since Brexit and it is our opinion that we can see another big move through this "transition" area on a catalyst.   What that catalyst is, the market knows.  The currencies are already talking to us in this regard...

 

gold101516d.PNG.20eee9f1888d3a1170d4b3d3


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#4 senorBS

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Posted 26 October 2016 - 08:56 AM

"so far" looks to me like the action in gold and GDX/HUI since the lows is corrective to the upside and looks like a wave 4 corrective rally, if correct we get one final leg down then a potential great low, conversely if we are making an "ugly bottom" then the lows could be in and I would view a sharp and sustained rally above 1280 as adding to the bullish odds

 

BSing away

 

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#5 NAV

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Posted 26 October 2016 - 09:24 AM

I am long in gold. If it's bullish, Dec Gold should not fill the1264 gap. If 1264 is filled, then new lows are a possibility.


Edited by NAV, 26 October 2016 - 09:24 AM.

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#6 pedro

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Posted 26 October 2016 - 02:13 PM

Senor BS and I have busted heads in the past.

But I'm with you on the W4 call.

 

But longer term, that W5 bottom has issues, and I'm unresolved on what follows.

abc x abc ?   (where W5 ends FIRST c)

subdivided 5 ?



#7 SemiBizz

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Posted 26 October 2016 - 02:49 PM

Trading pattern suggests arbitrage now on the gold contract.

 

There are large hands in here, we've seen increased volume now over the last 3 days...

 

Continued Caution is still advised.


Price and Volume Forensics Specialist

Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

http://twitter.com/VolumeDynamics  http://parler.com/Volumedynamics

#8 senorBS

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Posted 26 October 2016 - 03:37 PM

Senor BS and I have busted heads in the past.

But I'm with you on the W4 call.

 

But longer term, that W5 bottom has issues, and I'm unresolved on what follows.

abc x abc ?   (where W5 ends FIRST c)

subdivided 5 ?

Senor is convinced of NADA and is muy patient here, for now allowing for uno more new low - whether that is a final corrective low hard to say but should at last be good for a bueno trading bottom

 

PURE BS

 

Senor



#9 dougie

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Posted 26 October 2016 - 05:40 PM

I am long in gold. If it's bullish, Dec Gold should not fill the1264 gap. If 1264 is filled, then new lows are a possibility.

Wow: holding your line so far!!

 

Would be an interesting ugly bottom here and take many by surpise. Worst would be a fake botton, sharp move up and then bottom falls out



#10 uburack

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Posted 26 October 2016 - 07:42 PM

Looking for NUGT around low 10s to get back in.

ubu

 

edit: might need to recalc in a few days


Edited by uburack, 26 October 2016 - 07:44 PM.

John 21:6 And he said unto them, "Cast the net on the right side of the ship, and ye shall find". They cast therefore, and now they were not able to draw it for the multitude of fishes.